1. At a price of $2.28 per bushel, the supply of barley is 7,500 million bushels and the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply of barley is 7,900 million bushels and the demand is 7, 800 million bushels. (A) Find a price-supply equation of the form p = ma + b. (B) Find a price-demand equation of the form p mx+ b. (C) Find the equilibrium point.

1. At a price of $2.28 per bushel, the supply of barley is 7,500 million bushels and the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply of barley is 7,900 million bushels and the demand is 7, 800 million bushels. (A) Find a price-supply equation of the form p = ma + b. (B) Find a price-demand equation of the form p mx+ b. (C) Find the equilibrium point.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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Question

L. At a price of $2.28 per bushel, the supply of barley is 7, 500 million bushels and
the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply
of barley is 7,900 million bushels and the demand is 7, 800 million bushels.
(A) Find a price-supply equation of the form p ma+ b.
(B) Find a price-demand equation of the form p mx+ b.
(C) Find the equilibrium point.

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