At a price of $4.96 per pound, the supply for cherries is 16,253 pounds, and the demand is 10,364 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,501 pounds and the demand increases to 12,547 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity?
At a price of $4.96 per pound, the supply for cherries is 16,253 pounds, and the demand is 10,364 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,501 pounds and the demand increases to 12,547 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity?
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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