Konular
Anasayfa
/
İşletme
/
Al Aprice of 2.28 Per Bushel, the Supply of a Certain Grain Is 7400 Million Bushels and the Demand Is 7800 Million Bushels. A a Price

Soru

Al aprice of 2.28 per bushel, the supply of a certain grain is 7400 million bushels and the demand is 7800 million bushels. A a price of 2.39 per bushel, the supply ls 7800 million bushels and the demand is 7700 million bushels. (A) Find a price supply equation of the form (B) Find a price demand equation of the form p=mx+b where p in the price in dollars and x is the demand in millions of buthels. (C) Find the equilibrium point. (D) Graph the price supply equation, price-demand equalion, and equilitrium point in the same coordinate system. (A) The price-supply equation is p=square . (Type an exact answer)

Çözüm

4.3 (194 Oylar)
Noyan
Uzman doğrulaması
Elit · 8 yıl öğretmeni

Cevap

To find the price-supply equation, we need to determine the relationship between the price (p) and the supply (x).Given:- At a price of 2.39 per bushel, the supply is 7800 million bushels.We can use these two points to find the equation of the line in the form p = mx + b.Let's denote the price as p and the supply as x.Using the two points (7400, 2.28) and (7800, 2.39), we can calculate the slope (m) of the line:m = (p2 - p1) / (x2 - x1)m = (2.39 - 2.28) / (7800 - 7400)m = 0.11 / 400m = 0.000275Now, we can use one of the points to find the y-intercept (b):p = mx + b2.28 = 0.000275 * 7400 + bb = 2.28 - (0.000275 * 7400)b = 2.28 - 2.035b = 0.245Therefore, the price-supply equation is:p = 0.000275x + 0.245So, the answer for part (A) is:(A) The price-supply equation is p = 0.000275x + 0.245.