At a price of $2.29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7900 million bushels and the demand is 7500 million bushels (A) Find a price-supply equation of the form pmxb, where p is the price in dollars and x is the supply in milions 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 (Type an exact answer)
At a price of $2.29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7900 million bushels and the demand is 7500 million bushels (A) Find a price-supply equation of the form pmxb, where p is the price in dollars and x is the supply in milions 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 (Type an exact answer)
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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Transcribed Image Text:At a price of $2:29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7000 million bushels and the
demand is 7500 million bushels
(A) Find a price-supply equation of the form p
mxb, where p is the price in dollars and x is the supply in milions 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
(Type an exact answer)
-CTD
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