At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds. When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent
At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds. When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds. When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 pounds. Assume that the price-
What is the
$ per pound. Round to the nearest cent.
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