At a price of $1.94 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,300 million bushels. at a price of $1.82 per bushel, the supply is 9,400 million bushels and the demand is 9,500 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 corresponding supply in millions of bushels.
b) find a price-demand equation of the form p mxb, where p is the price in dollars and x is the corresponding supply in millions of bushels.
c) using excel, graph the price-supply and price-demand equations in the same coordinate system and find their point of intersection (equilibrium point)

Hi there!

1) Supply ecuation: P = -0.0006 * Q + 7.52

2) Offer ecuation:   P = 0.0003 * Q - 1

3) Equilibrium point : Q = 9,466.67 ; P = 1.84

Explanation:

1) First, we find the slope of the supply ecuation

Then, we replace with a value for the price and another for the quantity, both that correspond, and we will obtain the supply function

2) First, we find the slope of the offer function

Then, we replace with a value for the price and another for the quantity, both that correspond, and we will obtain the offer function

3)To calculate the equilibrium point, we must match the demand and supply function

We replace the amount of equilibrium in some of the equations and obtain the equilibrium price

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