Question
At a price of $2.24 perbushel, the supply of a certain grain is 7200 million bushels and the demand is 7800 million bushels. At a
At a price of $2.24 perbushel, the supply of a certain grain is 7200 million bushels and the demand is 7800 million bushels. At a price of $2.33 perbushel, the supply is 7600 million bushels and the demand is 7700 million bushels.
(A) Find aprice-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 aprice-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 theprice-supply equation,price-demand equation, and equilibrium point in the same coordinate system.
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