Question

At$0.49 per​ bushel, the daily supply for wheat is 378 bushels, and the daily demand is...

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.

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