At a price of $4.82 per pound, the supply for cherries is 16,197 pounds, and the demand
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At a price of $4.82 per pound, the supply for cherries is 16,197 pounds, and the demand is 10,394 pounds. When the price drops to $4.15 per pound, the supply decreases to 10,868 pounds, and the demand increases to 12,866 pounds. Assume that the price-supply and price-demand equations are linear.
What is the equilibrium price?
$ per pound. Round to the nearest cent.
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Related Book For
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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