At a price of $3.20 per bushel, the supply of corn is 9,800 million bushels and the

Question:

At a price of $3.20 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,200 million bushels. At a price of $2.95 per bushel, the supply is 9,300 million bushels and the demand is 9,700 million bushels.

(A) Find a price–supply equation of the form p = mx + b.

(B) Find a price–demand equation of the form p = mx + b.

(C) Find the equilibrium point.

(D) Graph the price–supply equation, price–demand equation, and equilibrium point in the same coordinate system.

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Related Book For  book-img-for-question

Finite Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780134862620

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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