At a price of $2.28 per bushel, the supply of barely is 7,500 million bushels and the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply is 7,900 million bushels and the demand is 7,800 million bushels. (A)Find a price-supply equation of the form p = m x + b. (B)Find a price-demand equation of the form p = m x + b. (C)Find the equilibrium point.
At a price of $2.28 per bushel, the supply of barely is 7,500 million bushels and the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply is 7,900 million bushels and the demand is 7,800 million bushels. (A)Find a price-supply equation of the form p = m x + b. (B)Find a price-demand equation of the form p = m x + b. (C)Find the equilibrium point.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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