Suppose that the supply and demand schedules for orange juice in the United States for 2005 is given in the following table:
a) Using this information, what is the equation for the demand curve for orange juice?
b) What is the equation for the supply curve for orange juice?
c) Using your answers from parts (a) and (b), what is the equilibrium price and quantity of orange juice?
d) The FDA comes out with a report on orange juice that reduces tastes and causes the Qd to be 5mil gall per year lower at each price. After this report comes out, what is the new equilibrium price and quantity of orange juice?