Assignment:
Supply and demand. 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
(B) Find a price demand equation of the form p = mx + b.
(C) Find the equilibrium point.
(D) Graph the price supply equation, price demand equation, and equilibrium point in the same coordinate system.
Provide complete and step by step solution for the question and show calculations and use formulas.