Supply and demand for soybeans. At $ 4.80 per bushel, the annual supply for soybeans in the Midwest is 1.9 billion bushels, and the annual demand is 2.0 billion bushels. When the price increases to $ 5.10 per bushel, the annual supply in-creases to 2.1 billion bushels, and the annual demand decreases to 1.8 billion bushels. Assume that the price-supply and price-demand equations are linear. (A) Find the price-supply equation. (B) Find the price-demand equation. (C) Find the equilibrium price and quantity. (D) Graph the two equations in the same coordinate system and identify the equilibrium point, supply curve, and demand curve.
Supply and demand for soybeans. At $ 4.80 per bushel, the annual supply for soybeans in the Midwest is 1.9 billion bushels, and the annual demand is 2.0 billion bushels. When the price increases to $ 5.10 per bushel, the annual supply in-creases to 2.1 billion bushels, and the annual demand decreases to 1.8 billion bushels. Assume that the price-supply and price-demand equations are linear. (A) Find the price-supply equation. (B) Find the price-demand equation. (C) Find the equilibrium price and quantity. (D) Graph the two equations in the same coordinate system and identify the equilibrium point, supply curve, and demand curve.
Supply and demand for soybeans. At
$
4.80
per bushel, the annual supply for soybeans in the Midwest is 1.9 billion bushels, and the annual demand is 2.0 billion bushels. When the price increases to
$
5.10
per bushel, the annual supply in-creases to
2.1
billion bushels, and the annual demand decreases to
1.8
billion bushels. Assume that the price-supply and price-demand equations are linear.
(A) Find the price-supply equation.
(B) Find the price-demand equation.
(C) Find the equilibrium price and quantity.
(D) Graph the two equations in the same coordinate system and identify the equilibrium point, supply curve, and demand curve.
Formula Formula Point-slope equation: The point-slope equation of a line passing through the point (x 1 , y 1 ) with slope m , is given by the following formula: y - y 1 = m x - x 1 Example: The point-slope equation of a line passing through (2, -6) with slope 5 is given by: y - (-6) = 5(x - 2) y + 6 = 5(x - 2)
The estimated demand and supply
curve for apples is displayed below. If
the current price is $100/ton, is there
currently a surplus or shortage in the
market for apples? By how much? *
What is the price elasticity of demand at a selling price of $12.50?
O -0.06
O -0.87
O -0.56
A tow truck originally purchased for $150,000 is depreciated using the straight line method for the purpose of calculating taxable business assets. The value of the truck, y , after x months of use, is given by dollars. What will the depreciated value of the truck be after 10 years?
Chapter 4 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Mathematics with Applications In the Management, Natural, and Social Sciences (12th Edition)
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