West Central State College is making holiday wreaths to raise money for a homeless shelter. From past sales experience, it was learned that if the wreaths are priced at $12 apiece, the college will sell 32, but if the price is raised to $24, it will sell only 24. On the other hand, at a price of $12, the college is willing to make only 26 wreaths, but at a price of $24, it will make 30. What price should the college set so that its supply will equal the demand for the wreaths?
West Central State College is making holiday wreaths to raise money for a homeless shelter. From past sales experience, it was learned that if the wreaths are priced at $12 apiece, the college will sell 32, but if the price is raised to $24, it will sell only 24. On the other hand, at a price of $12, the college is willing to make only 26 wreaths, but at a price of $24, it will make 30. What price should the college set so that its supply will equal the demand for the wreaths?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 13E
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![West Central State College is making holiday
wreaths to raise money for a homeless shelter.
From past sales experience, it was learned that if
the wreaths are priced at $12 apiece, the college
will sell 32, but if the price is raised to $24, it will
sell only 24. On the other hand, at a price of $12,
the college is willing to make only 26 wreaths,
but at a price of $24, it will make 30. What price
should the college set so that its supply will
equal the demand for the wreaths?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8311114-a7cb-49e3-b44e-1e05de4bc29a%2F045a3d20-c36b-4eb7-ab27-edc85b4f114b%2Fi092xso.jpeg&w=3840&q=75)
Transcribed Image Text:West Central State College is making holiday
wreaths to raise money for a homeless shelter.
From past sales experience, it was learned that if
the wreaths are priced at $12 apiece, the college
will sell 32, but if the price is raised to $24, it will
sell only 24. On the other hand, at a price of $12,
the college is willing to make only 26 wreaths,
but at a price of $24, it will make 30. What price
should the college set so that its supply will
equal the demand for the wreaths?
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