Question 136591
the Quantity (in bushels) is plotted on the vertical (y) axis
__ the Price (in dollars) is plotted in the horizontal (x) axis


there are two lines, one for supply and another for demand
__ they intersect at the equilibrium price point


the equations are in slope-intercept form __ think of Q as y and P as x
__ Q=mP+b
__ Qd has a negative slope (downward from left to right)
__ Qs has a positive slope (upward from left to right)


the simultaneous solution for the equilibrium point
__ 15-(3*P)=1+(4*P) __ 14=7P __ 2=P