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 Supply ($/bu) (billion bu) 2.14 2.24 2.38 2.43 2.45 2.54 6.29 7.33 7.69 7.83 8.12 8.23 Price ($/bu) 2.02 2.14 2.24 2.35 2.35 2.42 Demand (billion bu) 9.76 9.47 8.48 8.18 7.72 6.93
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 Supply ($/bu) (billion bu) 2.14 2.24 2.38 2.43 2.45 2.54 6.29 7.33 7.69 7.83 8.12 8.23 Price ($/bu) 2.02 2.14 2.24 2.35 2.35 2.42 Demand (billion bu) 9.76 9.47 8.48 8.18 7.72 6.93
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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 corn.
Price
Supply
($/bu) (billion bu)
2.14
2.24
2.38
2.43
2.45
2.54
6.29
7.33
7.69
7.83
8.12
8.23
Price
($/bu)
2.02
2.14
2.24
2.35
2.35
2.42
Demand
(billion bu)
9.76
9.47
8.48
8.18
7.72
6.93
XX
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.)
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