At $0.43 per bushel, the daily supply for wheat is 423 bushels, and the daily demand is 525 bushels. When the price is raised to S0.73 per bushel, the daily supply increases to 573 bushels, and the daily demand decreases to 425 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. (Type an expression using q as the variable. Round to three decimal places as needed.).

At $0.43 per bushel, the daily supply for wheat is 423 bushels, and the daily demand is 525 bushels. When the price is raised to S0.73 per bushel, the daily supply increases to 573 bushels, and the daily demand decreases to 425 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. (Type an expression using q as the variable. Round to three decimal places as needed.).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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