At $0.53 per bushel, the daily supply for wheat is 421 bushels, and the daly demand is 552 bushels. When the price is raised to $0.80 per bushel, the daily supply increases to 511 bushels, and the daily demand decreases to 282 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation.

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
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At $0.53 per bushel, the daily supply for wheat is 421 bushels, and the daily demand is 552 bushels. When the price is raised to $0.80 per bushel, the daily supply
increases to 511 bushels, and the daily demand decreases to 282 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.)
Transcribed Image Text:At $0.53 per bushel, the daily supply for wheat is 421 bushels, and the daily demand is 552 bushels. When the price is raised to $0.80 per bushel, the daily supply increases to 511 bushels, and the daily demand decreases to 282 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.)
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