Chapter 1.2, Problem 86E

Supply and demand. At a price of $\text{\$3}\text{.20}$ per bushel, the supply of corn is 9,800 million bushels and the demand is 9,200 million bushels. At a price of $\text{\$2}\text{.95}$ per bushel, the supply is 9,300 million bushels and the demand is 9,700 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.