The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S- 0.65. The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is P = 2.85-0.55D. At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat per bushel.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is
denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S - 0.65.
The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D.
The quantity demanded is also determined by the price P of wheat, and the relation is P = 2.85 -0.55D.
At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat per bushel.
$
Transcribed Image Text:The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S - 0.65. The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is P = 2.85 -0.55D. At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat per bushel. $
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