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  3. the equilibrium price of lobster is 50 what is the...

Question: the equilibrium price of lobster is 50 what is the...

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Assume a demand equation: Qd = 9-0.1p-Po + 0.01 pcrm + 0.000!Y; and a supply equation: as 0.1p - 0.02Pfg + 0.01N + 0.01T-0.1w where: p price of lobster Pb price of butter $3 pcm= price of crab meat-S200 Y consumer income $20,000 Q- quantity in thousands of units Pigprice of fishing gear $450 N number of firms 700 T- index of technology 300 w wage rate $10 The equilibrium price of lobster is (enter your response as a whole number).

The equilibrium price of lobster is ​$50.

What is the equilibrium quantity is ______ thousand units ​(enter your response rounded to one decimal place​).

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