The demand equation for milk is p = 44.894 − 0.23x, and the supply equation is p = 0.053x, where p is the price in dollars per hundred pounds and x is the amount of milk measured in billions of pounds. Find the equilibrium point. (Round your answers to two decimal places.) ____ billions of pounds of milk will be sold at $ ___ per hundred pounds
The demand equation for milk is p = 44.894 − 0.23x, and the supply equation is p = 0.053x, where p is the price in dollars per hundred pounds and x is the amount of milk measured in billions of pounds. Find the equilibrium point. (Round your answers to two decimal places.) ____ billions of pounds of milk will be sold at $ ___ per hundred pounds
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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____ billions of pounds of milk will be sold at $ ___ per hundred pounds.
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