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Mathematics - Algebra - Applications of Linear Equations

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Supply and demand at $1.40 per bushel, the daily supply for oats is 850 bushels, and the daily demand is 580 bushels. When the price falls to $1.20 per bushel, the daily supply decreases to 350 bushels and the daily demand increases to 980 bushels. Assume that the supply and demand equations are linear.

Find the supply equation, find the demand equation and find the equilibrium price and quantity.

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Let the supply equation be q = mp + b. Then, by data, we have,

850 = 1.4m + b (1) and

350 = 1.2m + b (2).

(1) ?(2) gives, 500 = 0.2m, ...

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