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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 corn.

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 corn.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Question
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 corn.
 
Price ($/bu)
Supply (billion bu)
Price ($/bu)
Demand (billion bu)
2.14
6.41
2.06
9.96
2.25
7.38
2.15
9.42
2.34
7.51
2.26
8.33
2.41
7.78
2.32
8.08
2.46
8.13
2.36
7.86
2.57
8.35
2.48
6.96
 
...
 

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Part 1
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=enter your response here
​(Type an equation using x as the variable. Round to two decimal places as​ needed.)
Expert Solution
Step 1: Determine the given data in the question

Here the dependent variable (y) is the price and the independent variable (x) is the supply.

Given that,

Sample size left parenthesis n right parenthesis equals 12

To find the regression equation.


steps

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