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The linear regression models for price-supply and price-demand data are as follows:

1. **Price-Supply Model**:  
   $ y = 0.22x + 0.66 $  
   where $ x $ is supply (in billions of bushels) and $ y $ is price (in dollars).

2. **Price-Demand Model**:  
   $ y = -0.14x + 3.48 $  
   where $ x $ is demand (in billions of bushels) and $ y $ is price (in dollars).

### Equilibrium:
The equilibrium occurs when supply equals demand. The equilibrium supply and demand are approximately 7.68 billion bushels, and the equilibrium price is about **$2.38** per bushel.

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Here are 5 related questions to expand on this:

1. How is linear regression used to model price-supply and price-demand relationships?
2. What does the slope of the price-supply line signify?
3. How does the intercept affect the interpretation of both models?
4. How could changes in supply and demand factors shift the equilibrium price?
5. What real-world factors might affect the accuracy of these regression models?

**Tip**: In economics, equilibrium prices adjust when either the supply or demand curve shifts due to factors like technological advancements or changes in consumer preferences.

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.

Learn how to find linear regression models for corn price-supply and price-demand data. This tutorial covers using linear regression to model supply and demand in economics, including finding the equilibrium price. Suitable for students in Grades 10-12.

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