Suppose the demand and supply curves for rice in Japan are given by the following equations: Q D = 120 - 30P Q S = 40 + 10P Where Q D = million tons of rice the Japanese would like to buy each year; Q...

1. 
   
   Suppose the demand and supply curves for rice in Japan are given by the following equations:

Q_D
= 120 - 30P

            Q_S
= 40 + 10P

Where Q_D
= million tons of rice the Japanese would like to buy each year; Q_S
= million tons of rice Japanese farmers would like to sell each year; and P = price per ton of rice (in hundreds).

1. 
   
   Fill in the following table:


2.  Use the information in the table to find the equilibrium price and quantity.


3. Graph the demand and supply curves and identify the equilibrium price and quantity.