At a price of $12.59 per box of grapefruit, the supply is 595,000 boxes and the demand

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At a price of $12.59 per box of grapefruit, the supply is 595,000 boxes and the demand is 650,000 boxes. At a price of $13.19 per box, the supply is 695,000 boxes and the demand is 590,000 boxes. Assume that the relationship 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.

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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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