Market supply: The following table shows the quantity S of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale at a price P , in dollars per bushel....

Market supply: The following table shows the quantity S of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale at a price P , in dollars per bushel.

In economics, it is customary to plot S on the horizontal axis and P on the vertical axis, so we will think of S as a variable and of P as a function of S.

a. Show that these data can be modeled by a linear function, and find its formula.

b. Make a graph of the linear formula you found in part a. This is called the market supply curve.

c. Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.)

d. How much wheat would suppliers be willing to produce in a year and offer for sale at a price of $3.90 per bushel?