Chapter 1.3, Problem 76E

Supply and demand. At a price of $1.94 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,300 million bushels. At a price of $1.82 per bushel, the supply is 9,400 million bushels and the demand is 9,500 million bushels.

1. (A) Find a price–supply equation of the form p = mx + b.
2. (B) Find a price–demand equation of the form p = mx + b.
3. (C)         Find the equilibrium point.
4. (D)         Graph the price–supply equation, price–demand equation, and equilibrium point in the same coordinate system.