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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

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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). 2. a) Find the supply equation. b) Find the demand equation. c) Find the equilibrium price and quantity

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