Problem require a graphing calculator or a computer that can calculate the linear regression line for a given data set.

Table 17 contains price–supply data and price–demand data for soybeans. 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. (Round regression coefficients to two decimal places.) Find the equilibrium price for soybeans.

Transcribed Image Text:

Table 17 Supply and Demand for U.S. Soybeans Supply (billion bu) Demand Price ($/bu) Price ($/bu) (billion bu) 5.15 1.55 4.93 2.60 5.79 1.86 5.48 2.40 5.88 1.94 5.71 2.18 6.07 2.08 6.07 2.05 6.15 2.15 6.40 1.95 6.25 2.27 6.66 1.85