At$0.49 per bushel, the daily supply for wheat is 378 bushels, and the daily demand is 587 bushels. When the price is raised to $0.71 per bushel, the daily supply increases to 598 bushels, and the daily demand decreases to 477 bushels. Assume that the price-supply and price-demand equations are linear.
1. Find the pice-supply function.
2. Find the price-demand function
3. Find the equilibrium price and equilibrium quantity.
Get Answers For Free
Most questions answered within 1 hours.