At a price of $2.25 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7800 million bushels. At a price of $2.32 per bushel, the supply is 7900 million bushels and the demand is 7700 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 $2.25 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7800 million bushels. At a price of $2.32 per bushel, the supply is 7900 million bushels and the demand is 7700 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.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:At a price of $2.25 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7800 million bushels. At a price of
$2.32 per bushel, the supply is 7900 million bushels and the demand is 7700 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. Use integers or decimals for any numbers in the equation.)
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