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Social ScienceAt $0.41 per bushel, the daily supply for wheat is 402 bushels, and the daily demand is 565 bushels. When the price is raised to $0.80 per bushel, the daily supplyincreases to 532 bushels, and the daily demand decreases to 175 bushels. Assume that the price-supply and price-demand equations are linear.a. Find the price-supply equation.p =(Type an expression using q as the variable. Round to three decimal places as needed.)b. Find the price-demand equationp =(Type an expression using q as the variable. Round to three decimal places as needed.)c. Find the equilibrium price and equilibrium quantityprice $(Round to the nearest cent as needed.)quantitybushels(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 belowОс.ОА.В.D.None of the aboveAp1.2Ар1.21.2Dqq0-00-0E700700700--E
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At $0.41 per bushel, the daily supply for wheat is 402 bushels, and the daily demand is 565 bushels. When the price is raised to $0.80 per bushel, the daily supply increases to 532 bushels, and the daily demand decreases to 175 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. p = (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation p = (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 Ос. ОА. В. D. None of the above Ap 1.2 Ар 1.2 1.2 D q q 0- 0 0- 0 E700 700 700 --E
Expert Answer
p=price and q= quantity
a) For price - supply two coordinates are(p,q)= (0.41,402) and (0.80,532)
Then use two point formula to find the equation of the line.
Answer(a): p=0.003q-0.796
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q-402 532-402 0.80-0.41 р-0.41 130 q-402 0.39 р-0.41 0.39 (q-402) 130 р-0.41%3. p-0.41-0.003q-1.206 p 0.003q-1.206+0.41 p-0.003q-0.796
p=price and q= quantity
b) For price - demand two coordinates are(p,q)= (0.41,565) and (0.80,175)
Then use two point formula to find the equation of the line.
Answer(b): p=-0.001q+0.975
Image Transcriptionclose
q-565 175-565 p-0.4 q-565 0.80-0.41 -390 p-0.41 0.39 0.39 -(q-565) -390 p-0.41= p-0.41--0.001q+0.565 p=-0.001q+0.565+0.41 p -0.001q+0.975
c) To find equilibrium point set the two prices equal and solve for q.
q=443
For q=443 , ...
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0.003q-0.796=-0.00 1q+0.975 0.003q+0.001q0.975+0.796 0.004q 1.771 q=442.75 q443 p-0.001q+0.975 p=-0.001(443)+0.975 p-0.53
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