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Suppose that you work for a nonprofit that promotes locally

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Suppose that you work for a nonprofit that promotes locally sourced agriculture. Your boss has tasked you with determining the equation for the market demand for broccoli. He or she states that you may assume that both the demand and supply curves are linear. Your boss also provides the following information: a) in 2011, the equilibrium price of broccoli was $1.50 per pound, and 2 billion pounds were purchases; b) in 2012, the equilibrium price of broccoli was $1.60 per pound, and 1.9 billion pounds were purchased. What should your response be? (Tip: A graph or two could help make your answer easier to explain.)

Reference no: EM13301683

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