At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds.  When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 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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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.