1. At a price of $2.28 per bushel, the supply of barley is 7,500 million bushels and the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply of barley is 7,900 million bushels and the demand is 7, 800 million bushels. (A) Find a price-supply equation of the form p = ma + b. (B) Find a price-demand equation of the form p mx+ b. (C) Find the equilibrium point.
1. At a price of $2.28 per bushel, the supply of barley is 7,500 million bushels and the demand is 7,900 million bushels. At a price of $2.37 per bushel, the supply of barley is 7,900 million bushels and the demand is 7, 800 million bushels. (A) Find a price-supply equation of the form p = ma + b. (B) Find a price-demand equation of the form p mx+ b. (C) Find the equilibrium point.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 25P
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