At a price of $4.66 per pound, the supply for cherries is 16,248 pounds, and the demand is 10,369 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,643 pounds and the demand increases to 12,641 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.
At a price of $4.66 per pound, the supply for cherries is 16,248 pounds, and the demand is 10,369 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,643 pounds and the demand increases to 12,641 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![At a price of $4.66 per pound, the supply for cherries is 16,248
pounds, and the demand is 10,369 pounds. When the price
drops to $4.16 per pound, the supply decreases to 10,643
pounds and the demand increases to 12,641 pounds. Assume
that the price-supply and price-demand equations are linear.
What is the equilibrium quantity? Round to the nearest pound.
pounds.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d9df1eb-9cbe-4888-87d6-c14249115dd3%2Fb6bc6045-feb9-4e84-8f7f-84a9a91817dd%2Fsttn0os_processed.png&w=3840&q=75)
Transcribed Image Text:At a price of $4.66 per pound, the supply for cherries is 16,248
pounds, and the demand is 10,369 pounds. When the price
drops to $4.16 per pound, the supply decreases to 10,643
pounds and the demand increases to 12,641 pounds. Assume
that the price-supply and price-demand equations are linear.
What is the equilibrium quantity? Round to the nearest pound.
pounds.
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