(a) Assuming that the supply and demand equations are linear, find the supply and demand equations.
Supply Equation Demand Equation
(Note: The equations should be in the form where denotes the price (in dollars) and denotes the quantity (in billions). The slope and -intercept should be accurate to two decimal places).
(b) Find the Equilibrium price and quantity.
Equilibrium price Equilibrium quantity
(Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).
You can earn partial credit on this problem.