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There are many countries consuming Vietnamese rice. From the demand for rice, it is estimated the function of total demand for rice in 2010 is

There are many countries consuming Vietnamese rice. From the demand for rice, it is estimated the function of total demand for rice in 2010 is Q= -5P+70 (Q: million tons, P: 1000VND/kg)

Domestic demand is Qd = -4P + 56

Domestic supply is Qs = 3P + 22

a. Determining the equilibrium price and equilibrium amount of rice in 2010? Calculate farmer's income in 2010

b. Suppose in 2011 export demand increases by 50%

Determining the equilibrium price and equilibrium amount of rice in 2011? How does farmer income change?

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