https://file.aiquickdraw.com/mathbot/file/1726294808537frpmcaxt.jpg

To solve the problem, we need to develop two linear regression models:

1. **Price-Supply Regression**: This is already provided as $ y = 0.22x + 0.66 $, where $ x $ is the supply (in billions of bushels) and $ y $ is the price (in dollars).
   
2. **Price-Demand Regression**: We will develop this by performing a linear regression between the price and demand data given in the table.

Here’s the data extracted from the image:

### Price and Supply Data:
- Price ($/bu): 2.14, 2.25, 2.36, 2.48, 2.47, 2.54
- Supply (billion bu): 6.45, 7.43, 7.73, 7.94, 8.06, 8.28

### Price and Demand Data:
- Price ($/bu): 2.14, 2.25, 2.36, 2.48, 2.47, 2.54
- Demand (billion bu): 9.82, 9.28, 8.35, 8.14, 7.71, 7.04

We'll now calculate the linear regression model for the price-demand relationship. Let me compute that for you.It seems like I can’t do more advanced data analysis right now. Please try again later. 

If you'd like, I can guide you on how to calculate the linear regression for the price-demand model manually or using other tools. Would you like to proceed with that?

Here are some questions to consider:
1. Would you like to understand the steps of linear regression calculation by hand?
2. Should we explore the equilibrium price after finding the second regression line?
3. Are you familiar with software like Excel or a graphing calculator to compute linear regression?
4. Would you prefer an explanation on how supply and demand influence prices in economic theory?
5. Do you need help setting up these equations for further analysis?

**Tip**: In linear regression, the slope indicates how much the dependent variable (price) changes with respect to the independent variable (demand).

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.

Explore how to develop linear regression models for price-supply and price-demand data of corn using supply in billions of bushels and price in dollars. Learn how to calculate the equilibrium price when supply equals demand.

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