At a price of $4.67 per pound, the supply for cherries is 16,273 pounds, and the demand is 10,391 pounds. When the price drops to $4.21 per pound, the supply decreases to 10,923 pounds and the demand increases to 12,892 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 $4.67 per pound, the supply for cherries is 16,273 pounds, and the demand is 10,391 pounds. When the price drops to $4.21 per pound, the supply decreases to 10,923 pounds and the demand increases to 12,892 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 $4.66 per pound, the supply for cherries is 16,248 pounds, and the demand is 10,369 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,643 pounds and the demand increases to 12,641 pounds. Assume that the price-supply and price-demand equations are linear.
What is the equilibrium quantity?
Round to the nearest pound.
$ pounds.
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