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.

Macroeconomics
13th Edition
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
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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.
Transcribed Image Text: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.
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