At a price of $2.22 per bushel, the supply of a certain grain is 7200 million bushels and the demand is 7500 million bushels. At a price of $2.31 per bushel, the supply is 7600 million bushels and the demand is 7400 million bushels. (A) Find a price-supply equation of the form p = mx +b, where p is the price in dollars and x is the supply in millions of bushels. (B) Find a price-demand equation of the form p= mx +b, where p is the price in dollars and x is the demand in millions of bushels. (C) Find the equilibrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system. (A) The price-supply equation is p=D (Type an exact answer. (B) The price-demand equation is p= (Type an exact answer.) (C) The equilibrium point is (Type an ordered pair. Type an exact answer. Use integers or decimals for any numbers in the expression.) (D) Choose the correct graph below. OA. AP O B. Oc.

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
icon
Related questions
Question
At a price of $2.22 per bushel, the supply of a certain grain is 7200 million bushels and the demand is 7500 million bushels. At a price of $2.31 per bushel, the supply is 7600 million bushels and the demand is 7400 million bushels.
(A) Find a price-supply equation of the form p=mx + b, where p is the price in dollars and x is the supply in millions of bushels.
(B) Find a price-demand equation of the form p= mx+ b, where p is the price in dollars and x is the demand in millions of bushels.
(C) Find the equilibrium point.
(D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system.
(A) The price-supply equation is p =
(Type an exact answer.)
(B) The price-demand equation is p=
(Type an exact answer.)
(C) The equilibrium point is
(Type an ordered pair. Type an exact answer. Use integers or decimals for any numbers in the expression.)
(D) Choose the correct graph below.
A.
Ap
3-
O B.
Ос.
Ap
Ap
3-
3-
2-
2-
2-
7000
8000
7000
8000
7000
8000
Transcribed Image Text:At a price of $2.22 per bushel, the supply of a certain grain is 7200 million bushels and the demand is 7500 million bushels. At a price of $2.31 per bushel, the supply is 7600 million bushels and the demand is 7400 million bushels. (A) Find a price-supply equation of the form p=mx + b, where p is the price in dollars and x is the supply in millions of bushels. (B) Find a price-demand equation of the form p= mx+ b, where p is the price in dollars and x is the demand in millions of bushels. (C) Find the equilibrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system. (A) The price-supply equation is p = (Type an exact answer.) (B) The price-demand equation is p= (Type an exact answer.) (C) The equilibrium point is (Type an ordered pair. Type an exact answer. Use integers or decimals for any numbers in the expression.) (D) Choose the correct graph below. A. Ap 3- O B. Ос. Ap Ap 3- 3- 2- 2- 2- 7000 8000 7000 8000 7000 8000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 7 steps with 34 images

Blurred answer
Similar questions
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning