The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S- 0.65. The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is P = -2.45 - 0.55D. At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat. (Round your answer to two decimal places.) $ Need Help? Read It Master It

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is
determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S- 0.65.
The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined
by the price P of wheat, and the relation is P = -2.45 -0.55D.
At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat. (Round your answer to two decimal places.)
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Transcribed Image Text:The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S- 0.65. The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is P = -2.45 -0.55D. At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat. (Round your answer to two decimal places.) $ Need Help? Read It Master It
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