Question
at $0.39 per bushel, the daily supply for wheat is 456 bushels and the daily demand is 564 bushels. When the price is raised to
at $0.39 per bushel, the daily supply for wheat is 456 bushels and the daily demand is 564 bushels. When the price is raised to $0.75 per bushel, the daily supply increases to 576 bushels, and the daily demand decreases to 3.84 bushels.Assume that the price supply and the price demand equations are linear.
a) find the price supply equation
b)find the price demand equation
c)find the equilibrium price and the equilibrium quantity
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Discrete Mathematics and Its Applications
Authors: Kenneth H. Rosen
7th edition
0073383090, 978-0073383095
