Let the supply and demand functions for sugar be given by: p = S(q) = 1.6 p = D(q) = 2q + 3.2 where p is the price of sugar and q is the quantity in...

1. Let the supply and demand functions for sugar be given by: p = S(q) = 1.4q − 0.6

p = D(q) = −2q + 3.2

where p is the price of sugar and q is the quantity in thousands of pounds

a. Find the equilibrium quantity and equilibrium price

b. Find the price when 1,000 pounds of sugar are supplied

c. Find the demand when the price is $1.50 per pound