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MAT 1460 Homework Section 6.1 Support your answer by showing your work. 1. Based on data from 2000 to 2010, the median yearly earnings yin year :6 can be approximated for women and men in a certain profession by Women: 4y 3x = 160 Men: 8y 5x = 400 Where x = 0 corresponds to the year 2000 and y is in thousands. a) what were their median salaries in 2000? b) Using the elimination method, what year will the two genders have the same median salaries? 2. At $4.80 per bushel the annual supply for soybeans in the Midwest is 1.9 billion bushels and the annual demand is 2.0 billion bushels. When the price increases to $5.10 per bushel, the annual supply increases to 2.1 billion bushels and the annual demand decreases to 1.8 billion bushels. Assume that the supply and demand equations are linear where q is the number of bushels (in billions) and p is the price in dollars per bushel. (Hint: You can review section 2.2 on equations of lines in the textbook). 3) Find the supply equation. b) Find the demand equation. c) Find the equilibrium price and quantity