Find the equilibrium price and quantity

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Supply and demand for corn. At $2.13 per bushel, the annual supply for corn in the Midwest is 8.9 billion bushels and the annual demand is 6.5 billion bushels. When the price falls to $1.50 per bushel, the annual supply decreases to 8.2 billion bushels and the annual demand increases to 7.4 billion bushels. Assume that the price-supply and price-demand equations are linear. (Source: U.S. Census Bureau)

Find the price-supply equation.

Find the price-demand equation.

Find the equilibrium price and quantity.

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Reference no: EM13801142

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