The price of cherries $4.86 per pound, the supply for cherries is 16,168 pounds, and the demand is 10,397 pounds.  When the price drops to $4.17 per pound, the supply decreases to 10,923 pounds, and the demand increases to 12,539 pounds.  Assume that the price-supply and price-demand equations are linear.

What is the equilibrium quantity?  Round to the nearest pound.

                       pounds

Answer rating: 100% (QA)

Solution First lets find the pricesupply and pricedemand equations using the given information The p... View the full answer