The demand equation for milk is p = 44.894 − 0.23x, and the supply equation is p = 0.053x, where p is the price in dollars per hundred pounds and x is the amount of milk measured in billions of pounds. Find the equilibrium point. (Round your answers to two decimal places.) ____ billions of pounds of milk will be sold at $ ___ per hundred pounds

The demand equation for milk is p = 44.894 − 0.23x, and the supply equation is p = 0.053x, where p is the price in dollars per hundred pounds and x is the amount of milk measured in billions of pounds. Find the equilibrium point. (Round your answers to two decimal places.) __ billions of pounds of milk will be sold at $ _ per hundred pounds

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 21QP

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