At a price of $4.76 per pound, the supply for cherries is 16,289 pounds, and the demand is 10,377 pounds. When the price drops to $4.38 per pound, the supply decreases to 10,515 pounds and the demand increases to 12,727 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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june15 1

At a price of $4.76 per pound, the supply for cherries is 16,289
pounds, and the demand is 10,377 pounds. When the price
drops to $4.38 per pound, the supply decreases to 10,515
pounds and the demand increases to 12,727 pounds. Assume
that the price-supply and price-demand equations are linear.
What is the equilibrium price?
per pound. Round to the nearest cent.
LA
Transcribed Image Text:At a price of $4.76 per pound, the supply for cherries is 16,289 pounds, and the demand is 10,377 pounds. When the price drops to $4.38 per pound, the supply decreases to 10,515 pounds and the demand increases to 12,727 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? per pound. Round to the nearest cent. LA
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