At a price of $2.29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7900 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 milions 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)

At a price of $2.29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7900 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 milions 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)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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