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At $0.55 per bushel, the daily supply for wheat is 420 bushels, and the daily demand is 553 bushels. When the price is raised
At $0.55 per bushel, the daily supply for wheat is 420 bushels, and the daily demand is 553 bushels. When the price is raised to $0.74 per bushel, the daily supply increases to 610 bushels, and the daily demand decreases to 458 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. p=0.001q+0.13 (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. p=0.001q-1.16 (Type an expression using q as the variable. Round to three decimal places as needed.) Incorrect
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