00:01
So we're given some information about the supply and demand for wheat based on bushels per day and the price point for those.
00:08
And we want to find the point of market equilibrium, which is essentially where the supply curve and the demand curve intersect.
00:16
And we can get the quantity of bushels per day and the price that corresponds to.
00:21
So the first thing we're going to do in our graphing calculator is enter the two equations.
00:25
Click y equals our first equation supply is 1 .45 plus 0 .0014 x squared and we go down to the next equation which is the demand curve and that's going to be the quantity 2 .388 minus 0 .007 x all that squared, then we can graph it.
01:05
Now we can see that these two curves don't intersect at least in the window we see.
01:11
And when i see that x quantity being multiplied by 0 .0014, in one case in 0 .007, that means i think the x needs to be much larger.
01:23
And i see that this red curve is kind of sloping down, so i'm thinking maybe far to the right is where the intersection is.
01:30
And i know it has to be in the positive x area because that's stated in the problem.
01:36
So i'm going to change my window and i'm going to go down.
01:41
I'm going to go down to an x max of 1 ,000.
01:45
I have no idea if that's going to do it or not.
01:52
And i'll keep my y max in my mint, ymin the same.
01:56
Let's see what that looks like.
01:59
Aha.
02:01
So now i have the intersection.
02:04
Right there...