At a price of $2.26 per bushel, the supply of a certain grain is 7200 million bushels and the demand is 7600 million bushels. At a price of $2.37 per bushel, the supply is 7600 million bushels and the demand is 7500 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) Given: For price supply equation: P=mx+b At x=7200, P=2.26…

Answered: At a price of $2.26 per bushel, the…

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section1.3: Lines

Problem 92E

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At a price of $2.27 per bushel, the supply of a certain grain is 7400 million bushels and the demand is 7800 million bushels. At a price of $2.38 per bushel, the supply is 7800 million bushels and the demand is 7700 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 pmxb, 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.
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