please correctly explain all the subparts.really appreciate your works and upvote At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels, At a price of $2.31 per bushel, the supply is 7700 millionbushels and the demand is 7500 milion bushels.(A) Find a price-supply equation of the form pmx +b, where p is the price in dollars and x is the supply in millions of bushels(B) Find a price-demand equation of the form p=mx + b, where p is the price in dollars and x is the demand in millions of bushels.(C) Find the equilibrium point.(D) Graph the price-supply equation, price-demand equation, and equilbrium point in the same coordinate system.(A) The price-supply equation is p(Type an exact answer. Use integers or decimals for any numbers in the equation.)(B) The price-demand equation is p=(Type an exact answer. Use integers or decimals for any numbers in the equation.)(C) The aquilibrium point is(Type an ordered pair. Type an exact answer. Use integers or decimals for any numbers in the expression.)(D) Choose the correct graph below.700080007000800070008000

Given At price P = 2.22 QS = 7300 million QD…

At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels. At a price of $2.31 per bushel, the supply is 7700 million bushels and the demand is 7500 million bushels. (A) Find a price-supply equation of the form pmxb, where p is the price in dollars and x is the supply in millions of bushels (B) Find a price-demand equation of the form pmx +b, where p is the price in dollars and x is the demand in millions of bushels. (C) Find the equilitbrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system.

At a price of $2.22 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7600 million bushels. At a price of $2.31 per bushel, the supply is 7700 million bushels and the demand is 7500 million bushels. (A) Find a price-supply equation of the form pmxb, where p is the price in dollars and x is the supply in millions of bushels (B) Find a price-demand equation of the form pmx +b, where p is the price in dollars and x is the demand in millions of bushels. (C) Find the equilitbrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter4: Estimating Demand

Section: Chapter Questions

Problem 7E

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