At a price of $3.20 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,200 million bushels. At a price of $2.95 per bushel, t

Tazmin Horton

Tazmin Horton

Answered question

2020-10-19

At a price of $3.20 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,200 million bushels. At a price of $2.95 per bushel, the supply is 9,300 million bushels and the demand is 9,700 million bushels. Find a price–supply equation of the form p = mx + b. p is in dollars, and x is in million bushels.

Answer & Explanation

hajavaF

hajavaF

Skilled2020-10-20Added 90 answers

If p is price per bushel and xx is supply (in million bushels), then it must be true that 
3.20=9800m+b 
2.95=9300m+b 
Subtracting these two equations
0.25=500m 
Divide both sides by 500 - m=0.00055. 
Substitute this into the first equation
3.20=98000.0005+b 
3.20=4.9+b 
Subtract 4.9 on both sides to get b=1.7 
Write down the general form - p=0.0005x1.7

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