The tables to the right give price-demand and price-supply data for the sale of soybeans at agrain market, where x is the number of bushels of soybeans (in thousands of bushels) and p isthe price per bushel (in dollars). Use quadratic regression to model the price-demand data andlinear regression to model the price-supply data. Complete parts (A) and (B) below.(A) Find the equilibrium quantity and equilibrium price.The equilibrium quantity isthousand bushels.(Round to three decimal places as needed.)Price-Demandp = D(x)6.596.486.386.276.24(Round to the nearest dollar as needed.)X010203040The equilibrium price is $ per bushel.(Round to the nearest cent as needed.)(B) Use a numerical integration routine to find the consumers' surplus and producers' surplus at the equilibrium price level.The consumers' surplus is $(Round to the nearest dollar as needed.)The producers' surplus is $Price-Supplyp = S(x)6.406.476.536.546.61X0108888203040

Equilibrium in supply and demand describes a situation where the quantity of a good or service that…

The tables to the right give price-demand and price-supply data for the sale of soybeans at a grain market, where x is the number of bushels of soybeans (in thousands of bushels) and p is the price per bushel (in dollars). Use quadratic regression to model the price-demand data and linear regression to model the price-supply data. Complete parts (A) and (B) below. (A) Find the equilibrium quantity and equilibrium price. The equilibrium quantity is (Round to three decimal places as needed.) thousand bushels. The equilibrium price is $ per bushel. (Round to the nearest cent as needed.) (B) Use a numerical integration The consumers' surplus is $ The producers' surplus is $ Price-Demand p=D(x) 6.59 6.48 6.38 6.27 6.24 (Round to the nearest dollar as needed.) X 0 10 20 30 40 routine to find the consumers' surplus and producers' surplus at the equilibrium price level. (Round to the nearest dollar as needed.) Price-Supply p= S(x) X 0 10 20 30 40 6.40 6.47 6.53 6.54 6.61

The tables to the right give price-demand and price-supply data for the sale of soybeans at a grain market, where x is the number of bushels of soybeans (in thousands of bushels) and p is the price per bushel (in dollars). Use quadratic regression to model the price-demand data and linear regression to model the price-supply data. Complete parts (A) and (B) below. (A) Find the equilibrium quantity and equilibrium price. The equilibrium quantity is (Round to three decimal places as needed.) thousand bushels. The equilibrium price is $ per bushel. (Round to the nearest cent as needed.) (B) Use a numerical integration The consumers' surplus is $ The producers' surplus is $ Price-Demand p=D(x) 6.59 6.48 6.38 6.27 6.24 (Round to the nearest dollar as needed.) X 0 10 20 30 40 routine to find the consumers' surplus and producers' surplus at the equilibrium price level. (Round to the nearest dollar as needed.) Price-Supply p= S(x) X 0 10 20 30 40 6.40 6.47 6.53 6.54 6.61

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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