Problem

At $\$ 0.35$ per bushel, the daily supply for wheat is 381 bushels, and the daily demand is 498 bushels. When the price is raised to $\$ 0.83$ per bushel, the daily supply increases to 541 bushels, and the daily demand decreases to 18 bushels. Assume that the price-supply and price-demand equations are linear.
a. Find the price-supply equation.
\[
\mathrm{p}=
\]
(Type an expression using q as the variable. Round to three decimal places as needed.)

Answer

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Answer

Final Answer: The price-supply equation is \(\boxed{p = 333.333q + 264.333}\).

Steps

Step 1 :We are given two points on the price-supply graph: (0.35, 381) and (0.83, 541).

Step 2 :We can use these points to find the slope of the line, which is given by the formula \((y2 - y1) / (x2 - x1)\).

Step 3 :Once we have the slope, we can use the point-slope form of a line, \(y - y1 = m(x - x1)\), to find the equation of the line. We can use either of the points for \((x1, y1)\).

Step 4 :The slope of the price-supply equation is approximately 333.33 and the y-intercept is approximately 264.33.

Step 5 :Therefore, the price-supply equation is \(p = 333.33q + 264.33\). However, we need to round to three decimal places as needed.

Step 6 :Final Answer: The price-supply equation is \(\boxed{p = 333.333q + 264.333}\).

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