Question 1078185: At $0.31 per bushel, the daily supply for wheat is 450 bushels, and the daily demand is 567567 bushels. When the price is raised to $0.76 per bushel, the daily supply increases to 600600 bushels, and the daily demand decreases to 492
bushels. Assume that the price-supply and price-demand equations are linear.
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! (0.31,450) and (0.76,600) is supply equation, with slope 150/0.45=333.3
equation uses point slope y-y1=m(x-x1) m slope (x1,y1) the point
y-600=333.3(x-0.76)
y=333.3x+346.6667
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(0.31,567) and (0.76, 492) with slope -75/0.45=-1.66667
y-492=-1.6667*(x-0.76)
y=-1.6667x+493.2667
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set the two equal
-1.6667x+493.2667=333.3x+346.6667
335x=146.666
x=0.438 or 0.44 cents/bushel
493 bushels with the first equation.
492.54 bushels with the second equation, rounding error.
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