price-supply and price-demand equations?  TOPIC_SOLVED

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price-supply and price-demand equations?

Postby sandellie4 on Mon Sep 03, 2012 9:26 pm

I have a problem like this. At $2 per bushel, the annual supply for soybeans in the South is 9 billion bushels, and the annual demand is 6 billion bushels. When the price FALLS to $1.50 per bushel, the annual supply DECREASES to 8 billion bushels, and the annual demand increases to 7.4 billion bushels.

So, I have:

(9, 2)
(8, 1.50)

What I don't understand is whether or not I need to use NEGATIVES for these points because of the decreases??? when I use the points to find equations.

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Postby stapel_eliz on Tue Sep 04, 2012 2:57 pm

No; the "falls" just confirms that, yes, the second values are lower than the initial values. :wink:
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