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 thousand bushels. (Round to three decimal places as needed.) Price-Demand p=D(x) 6.67 6.54 6.47 6.42 6.41 X 0 10 20 30 40 Price-Supply p= S(x) 6.34 6.35 6.40 6.43 6.48 X 0 10 20 30 40

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 thousand bushels. (Round to three decimal places as needed.) Price-Demand p=D(x) 6.67 6.54 6.47 6.42 6.41 X 0 10 20 30 40 Price-Supply p= S(x) 6.34 6.35 6.40 6.43 6.48 X 0 10 20 30 40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please don't provide handwritten solution ....

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 thousand bushels.
(Round to three decimal places as needed.)
Price-Demand
p=D(x)
6.67
6.54
6.47
6.42
6.41
X
0
10
20
30
40
Price-Supply
p = S(x)
6.34
6.35
6.40
X
0
10
20
30
40
6.43
6.48

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