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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. CHI Price-Demand X p=D(x) 6.67 6.54 6.48 6.41 6.36 88880 10 20 30 40 Price-Supply p= S(x) 6.46 6.49 6.56 6.60 6.63 X 0 10 20 88 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. CHI Price-Demand X p=D(x) 6.67 6.54 6.48 6.41 6.36 88880 10 20 30 40 Price-Supply p= S(x) 6.46 6.49 6.56 6.60 6.63 X 0 10 20 88 30 40

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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. Price-Demand X p=D(x) 0 6.67 10 6.54 20 6.48 30 6.41 40 6.36 Price-Supply p= S(x) 6.46 6.49 6.56 6.60 6.63 X 0 10 20 30 40
Transcribed Image Text: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. Price-Demand X p=D(x) 0 6.67 10 6.54 20 6.48 30 6.41 40 6.36 Price-Supply p= S(x) 6.46 6.49 6.56 6.60 6.63 X 0 10 20 30 40
(A) Find the equilibrium quantity and equilibrium price. The equilibrium quantity is thousand bushels. (Round to three decimal places as needed.) The 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 $. (Round to the nearest dollar as needed.)
Transcribed Image Text:(A) Find the equilibrium quantity and equilibrium price. The equilibrium quantity is thousand bushels. (Round to three decimal places as needed.) The 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 $. (Round to the nearest dollar as needed.)
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