At a price of $4.78 per pound, the supply for cherries is 16,218 pounds, and the demand is 10,268 pounds. When the price drops to $4.14 per pound, the supply decreases to 10,801 pounds and the demand increases to 12,504 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 $4.78 per pound, the supply for cherries is 16,218 pounds, and the demand is 10,268 pounds. When the price drops to $4.14 per pound, the supply decreases to 10,801 pounds and the demand increases to 12,504 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? per pound. Round to the nearest cent.
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
1
![At a price of $4.78 per pound, the supply for cherries is 16,218
pounds, and the demand is 10,268 pounds. When the price
drops to $4.14 per pound, the supply decreases to 10,801
pounds and the demand increases to 12,504 pounds. Assume
that the price-supply and price-demand equations are linear.
What is the equilibrium price?
$
per pound. Round to the nearest cent.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d9df1eb-9cbe-4888-87d6-c14249115dd3%2F21abf00f-71cc-40fa-a703-f2f0d8124319%2Fn31jxz8_processed.png&w=3840&q=75)
Transcribed Image Text:At a price of $4.78 per pound, the supply for cherries is 16,218
pounds, and the demand is 10,268 pounds. When the price
drops to $4.14 per pound, the supply decreases to 10,801
pounds and the demand increases to 12,504 pounds. Assume
that the price-supply and price-demand equations are linear.
What is the equilibrium price?
$
per pound. Round to the nearest cent.
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