ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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At a price of $4.66 per pound, the supply for cherries is 16,248
pounds, and the demand is 10,369 pounds. When the price
drops to $4.16 per pound, the supply decreases to 10,643
pounds and the demand increases to 12,641 pounds. Assume
that the price-supply and price-demand equations are linear.
What is the equilibrium quantity? Round to the nearest pound.
pounds.
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Transcribed Image Text:At a price of $4.66 per pound, the supply for cherries is 16,248 pounds, and the demand is 10,369 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,643 pounds and the demand increases to 12,641 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.
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