please correctly explain all the subparts.really appreciate your works and upvote At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels, At a price of $2.31 per bushel, the supply is 7700 millionbushels and the demand is 7500 milion bushels.(A) Find a price-supply equation of the form pmx +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 equilbrium point in the same coordinate system.(A) The price-supply equation is p(Type an exact answer. Use integers or decimals for any numbers in the equation.)(B) The price-demand equation is p=(Type an exact answer. Use integers or decimals for any numbers in the equation.)(C) The aquilibrium 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.700080007000800070008000

Given At price P = 2.22 QS = 7300 million QD…

At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels. At a price of $2.31 per bushel, the supply is 7700 million bushels and the demand is 7500 million bushels. (A) Find a price-supply equation of the form pmxb, 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 pmx +b, where p is the price in dollars and x is the demand in millions of bushels. (C) Find the equilitbrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system.

At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels. At a price of $2.31 per bushel, the supply is 7700 million bushels and the demand is 7500 million bushels. (A) Find a price-supply equation of the form pmxb, 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 pmx +b, where p is the price in dollars and x is the demand in millions of bushels. (C) Find the equilitbrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

please correctly explain all the subparts.

really appreciate your works and upvote

At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels, At a price of $2.31 per bushel, the supply is 7700 million
bushels and the demand is 7500 milion bushels.
(A) Find a price-supply equation of the form pmx +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 equilbrium point in the same coordinate system.
(A) The price-supply equation is p
(Type an exact answer. Use integers or decimals for any numbers in the equation.)
(B) The price-demand equation is p=
(Type an exact answer. Use integers or decimals for any numbers in the equation.)
(C) The aquilibrium 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.
7000
8000
7000
8000
7000
8000

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