At $2.13 per bushel, the annual supply for corn in the Midwest is 8.9 billion bushels and the annual demand is 6.5 billion bushels. When the price falls to $1.50 per bushel, the annual supply decreases to 8.2 billion bushels and the annual demand increases to 7.4 billion bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. b. Find the price-demand equation. C. Find the equilibrium price and quantity.
At $2.13 per bushel, the annual supply for corn in the Midwest is 8.9 billion bushels and the annual demand is 6.5 billion bushels. When the price falls to $1.50 per bushel, the annual supply decreases to 8.2 billion bushels and the annual demand increases to 7.4 billion bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. b. Find the price-demand equation. C. Find the equilibrium price and quantity.
Chapter6: Systems Of Equations And Inequalities
Section6.2: Two-variable Linear Systems
Problem 9ECP
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EXERCISE 6 (SYSTEM OF EQUATIONS)
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