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 price P, in dollars per bushel, is determined by the...

6

Extracted text: 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 price P, in dollars per bushel, is determined by the relation below. P = 1.5S – 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 below. P = 2.72 - 0.4D The equilibrium price is the price at which the quantity supplied is the same as the quantity demanded. Find the equilibrium price for barley. (Round your answer to two decimal places.) $ |× per bushel