The table contains price-supply data and price-demand data for com. Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). Do the same for the price-demand data. Find the equilibrium price for com Price ($/bu) Supply (billion bu) 2.17 6.27 2.25 7.46 2.34 7.61 2.46 7.86 2.47 8.06 2.56 8.26 Price ($/bu) 2.08 2.15 2.26 2.31 2.37 2.43 Demand (billion bu) 9.86 9.33 8.27 8.13 7.88 7.01 G C Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars) y-0 (Type an equation using x as the variable. Round to two decimal places as needed.)
The table contains price-supply data and price-demand data for com. Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). Do the same for the price-demand data. Find the equilibrium price for com Price ($/bu) Supply (billion bu) 2.17 6.27 2.25 7.46 2.34 7.61 2.46 7.86 2.47 8.06 2.56 8.26 Price ($/bu) 2.08 2.15 2.26 2.31 2.37 2.43 Demand (billion bu) 9.86 9.33 8.27 8.13 7.88 7.01 G C Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars) y-0 (Type an equation using x as the variable. Round to two decimal places as needed.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The table contains price-supply data and price-demand data for corn. Find a
linear regression model for the price-supply data where x is supply (in billions
of bushels) and y is price (in dollars). Do the same for the price-demand data.
Find the equilibrium price for com.
Price ($/bu) Supply (billion bu)
6.27
7.46
7.61
2.17
2.25
2.34
2.46
2.47
2.56
7.86
8.06
8.26
Price ($/bu)
2.08
2.15
2.26
2.31
2.37
2,43
Demand (billion bu)
9.86
9.33
8.27
8.13
7.88
7.01
Find a linear regression model for the price-supply data where x is
supply (in billions of bushels) and y is price (in dollars).
y=
(Type an equation using x as the variable. Round to two decimal places
as needed.)
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