Supply and demand: The quantity S of barley, in billions of bushels, that barley suppliers in a certain country are willing to produce in a year and offer for sale at a price P , in dollars per...



Supply and demand: The quantity S of barley, in billions of bushels, that barley suppliers in a certain country are willing to produce in a year and offer for sale at a price P , in dollars per bushel, is determined by the relation


P = 1.9S − 0.7 .



The quantity D of barley, in billions of bushels, that barley consumers are willing to purchase in a year at price P is determined by the relation


P = 2.8 − 0.6D .


The equilibrium price is the price at which the quantity supplied is the same as the quantity demanded. Find the equilibrium price for barley.



May 06, 2022
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