L2 At a price of $4.86 per pound, the supply for cherries is 16,205 pounds, and thedemand is 10,340 pounds. When the price drops to $4.35 per pound, thesupply decreases to 10,532 pounds and the demand increases to 12,892pounds. Assume that the price-supply and price-demand equations are linear.What is the equilibrium quantity? Round to the nearest pound.pounds. Supply and DemandIn a free market economy, the price of a product is determined by therelationship between supply and demand. Suppliers are more willing to supply aproduct at higher prices. So when the price is high, supply is high. On the otherhand, consumers of a product are generally less willing to buy a product athigher prices. So when the price is high, demand is low.In a free competitive market, the price of a product tends to move toward anequilibrium price, in which the supply and demand are equal; that commonvalue of the supply and demand is the equilibrium quantity. To find theequilibrium price, we solve the system consisting of the price-supply and price-demand equations.

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At a price of $4.86 per pound, the supply for cherries is 16,205 pounds, and the demand is 10,340 pounds. When the price drops to $4.35 per pound, the supply decreases to 10,532 pounds and the demand increases to 12,892 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 $4.86 per pound, the supply for cherries is 16,205 pounds, and the demand is 10,340 pounds. When the price drops to $4.35 per pound, the supply decreases to 10,532 pounds and the demand increases to 12,892 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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X剪下 - 12 A A 自動換行通用格式回填滿。新細明體條件式格式格式化為儲存格設定。插人删除格式圈。%98 -98 00 .00 0 ◇清除。 G複製。貼上《製格式表格。樣式v B IU、田、 ◇、A、、三三三三正園跨欄置中樣式儲存格編标數值字型對商方式剪貼薄不要再顯示另存新檔. 可能發生資料遠失如果將活夏簿儲存為文字(txt)格式,會遺失部分功能,若要保留這些功能,請將活頁適儲存為Excel.檔案格式, vį X v fx J M D F G A B 2019 2,844.56 2,844.56 2020 Estimates Start After 2,671.57 2,688.54 Scale Country/S 2016 2017 2018 1 Country Subject Descriptor 2 Hong Kon GrOss domestic product, constant prices 3 Hong Kon Gross domestic product, current prices 4 Hong Kon Gross domestic product per capita, constant prices 5 Hong Kon Gross domestic product per capita, current prices 6 Hong Kon Unermployment rate Units 2020 2,893.16 2,835.12 2.710.34 2,490.44 367,398.57 2,813.09 2,659.38 379,474.85 386,455.17 378,225.72 359,647.43 358,741.15 378,702.58 378,225.72 361,931.53 3.127 Billions Source: Na National currency National currency National currency 2020 Billions Source: Na 2020 Units See notes I 2020 National currency Units See notes 1 337,590.38 Percent of total…
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