At a price of $4.61 per pound, the supply for cherries is 16,107 pounds, and the demand is 10,362 pounds.  When the price drops to $4.18 per pound, the supply decreases to 10,789 pounds and the demand increases to 12,724 pounds.  Assume that the price-supply and price-demand equations are linear. What is the equilibrium price?

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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.