Chapter 1.2, Problem 85E

Supply and demand. At a price of $\text{\$9}\text{.00}$ per bushel, the supply of soybeans is 3,600 million bushels and the demand is 4,000 million bushels. At a price of $\$9.50$ per bushel, the supply is 4,100 million bushels and the demand is 3,500 million bushels.

(A) Find a price-supply equation of the form $p=mx+b.$

(B) Find a price-demand equation of the form $p=mx+b.$

(C) Find the equilibrium point.

(D) Graph the price-supply equation, price-demand equation, and equilibrium point in the

same coordinate system.