The table contains price-supply data and price-demand data for corn. Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in) dollars). Do the same for the price-demand data. Find the equilibrium price for corn. Price ($/bu) 2.11 2.22 2.37 2.42 2.44 2.54 Supply (billion bu) 6.29 7.35 7.68 7.84 8.17 8.38 Price ($/bu) 2.01 2.13 2.21 2.34 2.32 2.45 Demand (billion bu) 9.81 9.45 8.26 8.12 7.93 6.96 Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). y= 0.13x+1.17 (Type an equation using x as the variable. Round to two decimal places as needed.)
The table contains price-supply data and price-demand data for corn. Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in) dollars). Do the same for the price-demand data. Find the equilibrium price for corn. Price ($/bu) 2.11 2.22 2.37 2.42 2.44 2.54 Supply (billion bu) 6.29 7.35 7.68 7.84 8.17 8.38 Price ($/bu) 2.01 2.13 2.21 2.34 2.32 2.45 Demand (billion bu) 9.81 9.45 8.26 8.12 7.93 6.96 Find a linear regression model for the price-supply data where x is supply (in billions of bushels) and y is price (in dollars). y= 0.13x+1.17 (Type an equation using x as the variable. Round to two decimal places as needed.)
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Transcribed Image Text:The table contains price-supply data and
price-demand data for corn. Find a linear
regression model for the price-supply data where
x is supply (in billions of bushels) and y is price (in
dollars). Do the same for the price-demand data.
Find the equilibrium price for corn.
Price
Supply
($/bu) (billion bu)
2.11
222
2.37
2.42
2.44
2.54
6.29
7.35
7.68
7.84
8.17
8.38
Price
($/bu)
2.01
2.13
2.21
2.34
2.32
2.45
Demand
(billion bu)
9.81
9.45
8.26
8.12
7.93
6.96
Find a linear regression model for the
price-supply data where x is supply (in
billions of bushels) and y is price (in
dollars).
y= 0.13x+1.17
(Type an equation using x as the variable.
Round to two decimal places as needed.)
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