The quantity of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is P = 2.13S − 0.65

.

The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is

P = 2.55 − 0.55D

.

At the equilibrium price, the quantity supplied and the quantity demanded are the same. Find the equilibrium price for wheat. (Round your answer to two decimal places.)

1.89billions

Step-by-step explanation:

Given

The quantity demanded determined by the price P of wheat, and the relation is

P = 2.55 − 0.55D

Also, the quantity supplied is determined by the price P of wheat, in dollars per bushel, and the relation is

P = 2.13S − 0.65

At equilibrium, the price of wheat will be the same i.e;

2.13S-0.65 = 2.55-0.55D

Also since at the equilibrium price, the quantity supplied and the quantity demanded are the same, then S = D

Substitute into the formula

2.13S-0.65 = 2.55-0.55S

2.13S+0.55S = 2.55+0.65

2.68S = 3.20

S = 3.20/2.68

S = 1.194

Get the equilibrium price of wheat;

Given;

P = 2.13S − 0.65

P = 2.13(1.194) − 0.65

P = 2.5433-0.65

P = 1.893

Hence the equilibrium price of wheat is approximately 1.89billions

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