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At a price of $4.78 per pound, the supply for cherries is 16,218 pounds, and the demand is 10,268 pounds. When the price drops to $4.14 per pound, the supply decreases to 10,801 pounds and the demand increases to 12,504 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? per pound. Round to the nearest cent.

At a price of $4.78 per pound, the supply for cherries is 16,218 pounds, and the demand is 10,268 pounds. When the price drops to $4.14 per pound, the supply decreases to 10,801 pounds and the demand increases to 12,504 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? per pound. Round to the nearest cent.

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter6: Systems Of Equations And Inequalities
Section6.2: Two-variable Linear Systems
Problem 9ECP
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At a price of $4.78 per pound, the supply for cherries is 16,218 pounds, and the demand is 10,268 pounds. When the price drops to $4.14 per pound, the supply decreases to 10,801 pounds and the demand increases to 12,504 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent.
Transcribed Image Text:At a price of $4.78 per pound, the supply for cherries is 16,218 pounds, and the demand is 10,268 pounds. When the price drops to $4.14 per pound, the supply decreases to 10,801 pounds and the demand increases to 12,504 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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