Demand and supply equations for wheat are given by Supply: 7P-9Q-185 = 0 Demand : 10P-17Q-169 = 0 Where Q denotes quantity (in 000s tons per annum), and P denotes price (in $ per ton), (a). Write the above system of two equations in the form AX = B, where A is the coefficient matrix; X is the vector of independent variables, and B is the %3D vector of constants. (b). Find the inverse of the matrix A. (c). Solve the equation AX = B to determine the equilibrium price and the equilibrium quantity.

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as p…