The table contains price-supply data and price-demand data for corn. Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). Do the same for the price-demand data. Find the equilibrium price for corn. Price ($/bu) Price ($/bu) 2.18 2.29 2.39 2.41 2.49 2.53 Supply (billion bu) 6.28 7.29 7.62 7.95 8.07 8.36 2.09 2.13 2.27 2.37 2.37 2.43 Demand (billion bu) 9.78 9.37 8.35 8.21 7.81 6.84 Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). y= (Type an equation using x as the variable. Round to two decimal places as needed.)

The table contains price-supply data and price-demand data for corn. Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). Do the same for the price-demand data. Find the equilibrium price for corn. Price ($/bu) Price ($/bu) 2.18 2.29 2.39 2.41 2.49 2.53 Supply (billion bu) 6.28 7.29 7.62 7.95 8.07 8.36 2.09 2.13 2.27 2.37 2.37 2.43 Demand (billion bu) 9.78 9.37 8.35 8.21 7.81 6.84 Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). y= (Type an equation using x as the variable. Round to two decimal places as needed.)

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section1.FOM: Focus On Modeling: Fitting Lines To Data

Problem 12P: Demand for Candy Bars In this problem you will determine a linear demand equation that describes the...

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Demand for Candy Bars In this problem you will determine a linear demand equation that describes the demand for candy bars in your class. Survey your classmates to determine what price they would be willing to pay for a candy bar. Your survey form might look like the sample to the left. a Make a table of the number of respondents who answered yes at each price level. b Make a scatter plot of your data. c Find and graph the regression line y=mp+b, which gives the number of respondents y who would buy a candy bar if the price were p cents. This is the demand equation. Why is the slope m negative? d What is the p-intercept of the demand equation? What does this intercept tell you about pricing candy bars? Would you buy a candy bar from the vending machine in the hallway if the price is as indicated. Price Yes or No 50 75 1.00 1.25 1.50 1.75 2.00
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