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.
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.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 24QP
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