that the demand curve for corn has the equation p= -0.18q + 8.804 and the 3.7, where p is the price per bushel in dollars and q is the quantity (deman the quantities supplied and demanded when the price of com is $7.30 per bu rmine the quantity of corn that will be produced and the price at which it will quantity supplied when the price of com is $7.30 is billion bushels. to the nearest whole number as needed) Jantity demanded when the price of com is $7.30 is d to the nearest whole number as needed.) billion bushels.

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.3: Lines
Problem 92E
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Suppose that the demand curve for corn has the equation p= -0.18q + 8.804 and the supply curve for corn has the equation
p=0.4q +3.7, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels.
(a) Find the quantities supplied and demanded when the price of com is $7.30 per bushel.
(b) Determine the quantity of corn that will be produced and the price at which it will sell.
(a) The quantity supplied when the price of corn is $7.30 is billion bushels.
(Round to the nearest whole number as needed)
The quantity demanded when the price of com is $7.30 is billion bushels.
(Round to the nearest whole number as needed.)
billion bushels.
(b) The quantity that will be produced is
(Round to the nearest tenth as needed)
Determine the price at which it will sell.
It will sell at $.
(Round to the nearest cent as needed.)
Transcribed Image Text:Suppose that the demand curve for corn has the equation p= -0.18q + 8.804 and the supply curve for corn has the equation p=0.4q +3.7, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of com is $7.30 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $7.30 is billion bushels. (Round to the nearest whole number as needed) The quantity demanded when the price of com is $7.30 is billion bushels. (Round to the nearest whole number as needed.) billion bushels. (b) The quantity that will be produced is (Round to the nearest tenth as needed) Determine the price at which it will sell. It will sell at $. (Round to the nearest cent as needed.)
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