Assignment:
Supply and demand. At a price of $2.28 per bushel, the supply of barley is 7,500 million bushels and the demand is 7,900 million bushels.At a price of $2.37 per bushel, the supply is 7,900 million bushels and the demand is 7,800 million bushels.
(A) Find a price supply equation of the form p = mx + b
(B) Find a price demand equation of the form p = mx + b
(C) Find the equilibrium point.
(D) Graph the price supply equation, price demand equation, and equilibrium point in the same coordinate system.
Provide complete and step by step solution for the question and show calculations and use formulas.