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.

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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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