At a price of $2.24 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7700 million bushels and the demand is 7600 million bushels. (A) Find a price-supply equation of the form p = mx + 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.
At a price of $2.24 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7700 million bushels and the demand is 7600 million bushels. (A) Find a price-supply equation of the form p = mx + 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.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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Transcribed Image Text:At a price of $2.24 per bushel, the supply of a certain grain is 7300 million bushels and the demand is 7700 million
bushels. At a price of $2.35 per bushel, the supply is 7700 million bushels and the demand is 7600 million bushels.
(A) Find a price-supply equation of the form p= mx + b, wherep 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 equilibrium point in the same coordinate system.
(A) The price-supply equation is
%3D
(Type an exact answer. Use integers or decimals for any numbers in the equation.)
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