Question: Also Given pt = $2.55 what the new equilibrium price of avocados is and the new equilibrium quantity of avocados is The estimated monthly U.S.

Also Given pt = $2.55 what the new equilibrium price of

Also Given pt = $2.55 what the new equilibrium price of avocados is and the new equilibrium quantity of avocados is

avocados is and the new equilibrium quantity of avocados is The estimated

The estimated monthly U.S. demand function for avocados is V Q=144-40p + 20pt, where p is the price of avocados and p, is the price of tomatoes. The estimated supply function is Q =50 + 15p. The initial price of tomatoes is $0.80 per pound. Using algebra, determine the initial equilibrium price and quantity of avocados, and then determine how price and quantity change if the price of tomatoes increases by $1.75 to $2.55. Given p, = $0.80, the initial equilibrium price of avocados is P= $ and the initial equilibrium quantity of avocados is Q =0 (Enter your responses rounded to two decimal places.)

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