Question
At a price of $2.23 per bushel, the supply of a certain grain is 7100 million bushels and the demand is 7900 million bushels. At
At a price of
$2.23
per bushel, the supply of a certain grain is
7100
million bushels and the demand is
7900
million bushels. At a price of
$2.3
per bushel, the supply is
7500
million bushels and the demand is
7800
million bushels.(A) Find a price-supply equation of the form
p=mx+b,
where p is the price in dollars and x is the supply in millions of bushels.(B) Find a price-demand equation of the form
p=mx+b,
where p is the price in dollars and x is the demand in millions of bushels.(C) Find the equilibrium point.(D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system.
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