At a price of $2.28 per bushel, the supply of a certain grain is 7100 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7500 million bushels and thedemand 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.Р(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.O A.Ap3-2-70008000QO B. Ap70008000QO C.3Ap70008000Q✔

Here we have to find out the equation demand, equation of supply and equilibrium point.The…

At a price of $2.28 per bushel, the supply of a certain grain is 7100 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7500 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. (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. OA. AP 3- 2- 7000 8000 Q a OB. AP 3- 2- 7000 8000 D Q O C. 7000 8000

At a price of $2.28 per bushel, the supply of a certain grain is 7100 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7500 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. (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. OA. AP 3- 2- 7000 8000 Q a OB. AP 3- 2- 7000 8000 D Q O C. 7000 8000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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