At a price of $2.24 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7700 million bushels and the demand is 7600 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.

At a price of $2.24 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7700 million bushels and the demand is 7600 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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