At $0.34 per bushel, the daily supply for wheat is 470 bushels, and the daily demand...

 

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At $0.34 per bushel, the daily supply for wheat is 470 bushels, and the daily demand is 599 bushels. When the price is raised to $0.79 per bushel, the daily supply increases to 520 bushels, and the daily demand decreases to 149 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) c. Find the equilibrium price and equilibrium quantity. price $ quantity = (Round to the nearest cent as needed.) (Round to the nearest bushel as needed.) bushels d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below. OA. AP 1.24 OB. 1.2 AP e OC. 1.24 OD. None of the above. At $0.34 per bushel, the daily supply for wheat is 470 bushels, and the daily demand is 599 bushels. When the price is raised to $0.79 per bushel, the daily supply increases to 520 bushels, and the daily demand decreases to 149 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) c. Find the equilibrium price and equilibrium quantity. price $ quantity = (Round to the nearest cent as needed.) (Round to the nearest bushel as needed.) bushels d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below. OA. AP 1.24 OB. 1.2 AP e OC. 1.24 OD. None of the above.

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At p034 At p079 bl supply 9470 supply 9520 Price su... View the full answer