Question
At a price of $2.26 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7800 million bushels. At
At a price of
$2.26
per bushel, the supply of a certain grain is
7500
million bushels and the demand is
7800
million bushels. At a price of
$2.35
per bushel, the supply is
7900
million bushels and the demand is
7700
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.
(A) The price-supply equation is
p=nothing.
(Type an exact answer.)
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