- #1
Terrell
- 317
- 26
Homework Statement
At $0.60 per bushel, the daily supply for wheat is 450 bushels and the daily demand is 645 bushels. When the price is raised to $0.90 per bushel, the daily supply increases to 750 bushels and the daily demand decreases to 495 bushels. Assume that the supply and demand equations are linear.
(A) Find the supply equation.
(B) Find the demand equation.
Can anyone tell me where I'm wrong?
2.The attempt at a solution
supply equation: (0.9-0.6)/(750-450) = 0.001 then went out to find that if price is 0 then the supply is -150... my equation is p=0.001q-150
demand equation: (0.9-0.6)/(495-645) = -0.002q and if price is 0 then demand goes up to 945... my equation is p= -0.002+945