At a price of $4.81 per pound, the supply for cherries is 16,130 pounds, and the demand is 10,348 pounds. When the price drops to $4.22 per pound, the supply decreases to 10,590 pounds and the demand increases to 12,824 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cen
In a free market economy, the price of a product is determined by the relationship between
In a free competitive market, the price of a product tends to move toward an
At a price of $4.81 per pound, the supply for cherries is 16,130 pounds, and the demand is 10,348 pounds. When the price drops to $4.22 per pound, the supply decreases to 10,590 pounds and the demand increases to 12,824 pounds. Assume that the price-supply and price-demand equations are linear.
What is the equilibrium price?
$ per pound. Round to the nearest cent.
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