The following table shows the quantity S of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale at price P, in dollars per bushel.MY NOTESS = quantity of wheatP = price1.0$1.351.5$2.402.0$3.452.5$4.50In economics, it is customary to plot S on the horizontal axis and P on the vertical axis, so we will think of S as a variable and of P as a function of s.(a) Show that these data can be modeled by a linear function.For each change of 0.5 in the quantity S there is -Select-- v ofin price P.Find its formula.P =(b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. 225(c) Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.)If the price increases, then the wheat suppliers will want to produce more wheat. This means that the market supply curve will be going up to the -Select-vso it is increasing.(d) How much wheat (in billions of bushels) would suppliers be willing to produce in a year and offer for sale at a price of $4.33 per bushel? (Round your answer to two decimal places.)billion bushels

Given: The table shows the quantity S of wheat wheat suppliers are willing Price Change: Change:2.40-1.35 = 1.053.45-2.40 = 1.054.50-3.45 = 1.05 Thus, for each 0.5 it increases by 1.05:Calculation: X =1n∑i =1n Xi = 74 = 1.75Y =1n∑i =1n Yi =11.74=2.92 SSxx = ∑i =1n xi2 -1n ∑i =1n Xi2 = 13.5 -724 = 1.25SSyy = ∑i = 1n Yi2 -1n ∑i =1n Yi2 = 39.73 -11.724 = 5.51SSXY = ∑i = 1n Xi Yi -1n ∑i = 1n Xi ∑i = 1n Yi = 23.1 - 7×11.74 = 2.62 Regression Co-efficient: M =SSXYSSXX = 2.621.25 = 2.1N = Y-X*M = 2.92 - 1.75 × 2.1=-0.75 Regression Equation: P = -0.75+2.1SPart A: Answer: Increases = $1.05 P = -0.75+2.1S Part B: Diagram: Part C: Answer: If the price increases the wheat suppliers will want to produce more wheat. This means that the market supply curve will be going up to Y-axis (as shown in the diagram) so it will rise upward. Part D: Price is given as: $4.33 per bushel, thus: P =(-0.75+2.1S)4.33 = -0.75+2.1S2.1S = (-4.33-0.75)2.1S = 4.33+0.752.1S = 5.08S =5.082.1S = $2.41 Billion Bushels