Chapter 1.2, Problem 8MP

At a price of $\text{\$12}\text{.59}$ per box of grapefruit, the supply is $595,000$ boxes and the demand is $650,000$ boxes. At a price of $\text{\$13}\text{.19}$ per box, the supply is $695,000$ boxes and the demand is $590,000$ boxes. Assume that the relations -ship between price and supply is linear and that the relationship between price and demand is linear.

(A) Find a price–supply equation of the form $p=mx+b.$

(B) Find a price–demand equation of the form $p=mx+b.$

(C) Find the equilibrium point.