At $0.34 per bushel, the daily supply for wheat is 446 bushels, and the daily demand is 589 bushels. When the price is raised to $0.70 per bushel, the daily supply increases to 506 bushels, and the daily demand decreases to 229 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. (Type an expression using q as the variable. Round to three decimal places as needed.) c. Find the equilibrium price and equilibrium quantity. price = $ (Round to the nearest cent as needed.) quantity = bushels (Round to the nearest bushel as needed.) d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below. O A. B. C. D. None of the above. Ap 1.2- 1.2- 1.2-
At $0.34 per bushel, the daily supply for wheat is 446 bushels, and the daily demand is 589 bushels. When the price is raised to $0.70 per bushel, the daily supply increases to 506 bushels, and the daily demand decreases to 229 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. (Type an expression using q as the variable. Round to three decimal places as needed.) c. Find the equilibrium price and equilibrium quantity. price = $ (Round to the nearest cent as needed.) quantity = bushels (Round to the nearest bushel as needed.) d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below. O A. B. C. D. None of the above. Ap 1.2- 1.2- 1.2-
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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Transcribed Image Text:At $0.34 per bushel, the daily supply for wheat is 446 bushels, and the daily demand is 589 bushels. When the price is raised to $0.70 per bushel, the daily supply
increases to 506 bushels, and the daily demand decreases to 229 bushels. Assume that the price-supply and price-demand equations are linear.
a. Find the price-supply equation.
(Type an expression using q as the variable. Round to three decimal places as needed.)
b. Find the price-demand equation.
(Type an expression using q as the variable. Round to three decimal places as needed.)
c. Find the equilibrium price and equilibrium quantity.
price = $
(Round to the nearest cent as needed.)
quantity =
bushels
(Round to the nearest bushel as needed.)
d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below.
O A.
B.
C.
D.
None of the above.
Ap
1.2-
1.2-
1.2-
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