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PING IS Turnura. P = (b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. P 3 0 NOTES for MOD....pdf P O 0.5 0.5 1 1 1.5 2 2.5 S 1.5 S 2 2.5 O 0.5 0.5 1 1.5 S 1.5 S 2 2 2.5 2.5 3 (c) Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.) If the price increases, then the wheat suppliers will want to produce more wheat. This means that the market supply curve will be going up to the -Select-, s (d) How much wheat (in billions of bushels) would suppliers be willing to produce in a year and offer for sale at a price of $3.83 per bushel? (Round your answer to two de billion bushels

PING IS Turnura. P = (b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. P 3 0 NOTES for MOD....pdf P O 0.5 0.5 1 1 1.5 2 2.5 S 1.5 S 2 2.5 O 0.5 0.5 1 1.5 S 1.5 S 2 2 2.5 2.5 3 (c) Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.) If the price increases, then the wheat suppliers will want to produce more wheat. This means that the market supply curve will be going up to the -Select-, s (d) How much wheat (in billions of bushels) would suppliers be willing to produce in a year and offer for sale at a price of $3.83 per bushel? (Round your answer to two de billion bushels

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.3: Modeling Data With Linear Functions
Problem 13E: Market supply The following table shows the quantity S of wheat, in billions of bushels, that wheat...
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PING ILS TOTfidia. P = (b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. P 0.5 0.5 NOTES for MOD....pdf 1 1.5 S 1 1.5 S 2 2.5 2 2.5 3 0.5 0.5 1 1.5 S 1 S 2 2.5 2 2.5 3 (c) Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.) If the price increases, then the wheat suppliers will want to produce more wheat. This means that the market supply curve will be going up to the ---Select-, so it is increasing. (d) How much wheat (in billions of bushels) would suppliers be willing to produce in a year and offer for sale at a price of $3.83 per bushel? (Round your answer to two decimal places.) billion bushels
Transcribed Image Text:PING ILS TOTfidia. P = (b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. P 0.5 0.5 NOTES for MOD....pdf 1 1.5 S 1 1.5 S 2 2.5 2 2.5 3 0.5 0.5 1 1.5 S 1 S 2 2.5 2 2.5 3 (c) Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.) If the price increases, then the wheat suppliers will want to produce more wheat. This means that the market supply curve will be going up to the ---Select-, so it is increasing. (d) How much wheat (in billions of bushels) would suppliers be willing to produce in a year and offer for sale at a price of $3.83 per bushel? (Round your answer to two decimal places.) billion bushels
The following table shows the quantity S of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale at price P, in dollars per bushel. Squantity of wheat P = price $1.35 $2.40 $3.45 $4.50 In economics, it is customary to plot S on the horizontal axis and P on the vertical axis, so we will think of S as a variable and of P as a function of S. (a) Show that these data can be modeled by a linear function. Find its formula. P = 1.0 1.5 2.0 2.5 For each change of 0.5 in the quantity S there is --Select-of B NOTES for MOD....pdf (b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. XIZ 0.5 1 1.5 S 2 2.5 0 0.5 1 in price P. 1.5 S 2.5
Transcribed Image Text:The following table shows the quantity S of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale at price P, in dollars per bushel. Squantity of wheat P = price $1.35 $2.40 $3.45 $4.50 In economics, it is customary to plot S on the horizontal axis and P on the vertical axis, so we will think of S as a variable and of P as a function of S. (a) Show that these data can be modeled by a linear function. Find its formula. P = 1.0 1.5 2.0 2.5 For each change of 0.5 in the quantity S there is --Select-of B NOTES for MOD....pdf (b) Make a graph of the linear formula you found in part (a). This is called the market supply curve. XIZ 0.5 1 1.5 S 2 2.5 0 0.5 1 in price P. 1.5 S 2.5
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