Market supply and demand: The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S....


Market supply and demand: The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S − 0.75. The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is P = 2.65 − 0.55D. At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat.



May 06, 2022
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