Question

At a price of $2.26 per bushel, the supply of a certain grain is 7200 million bushels and the demand is 7800 million bushels. At a price of $2.31 per bushel, the supply is 7600 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= 1.25. 10-4x + 1.36 (Type an exact answer.) -5. 10-4x+6.16 (B) The price-demand equation is p= (Type an exact answer.) (C) The equilibrium point is (0,6.16) (Type an ordered pair. Type an exact answer. Use integers or decimals for any numbers in the expression.)

Answer 1

Problem in answer then comment below.. i will help you..

As per rules and regulations we are allow to do only one question at a time..so i do only 2nd....

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please thumbs up for this solution.. thanks..

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a)

y = 86.53 x + 1870.42

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b)

rate = 86.53

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c) = 3255

d) = 2025

e)

option A..

correlation coefficient is 0.9697 which indicates a fairly strong linear corrleation...