Suppose the demand curve for cantaloupes

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Suppose the demand curve for cantaloupes P = 120 – 3Q

Where P is the price per pound (in cents) of a cantaloupe and Q is the quantity demanded per year (in millions of pounds).

Suppose the supply curve for cantaloupes is P = 5Q Where P is the price per pound (in cents) of a cantaloupe and Q is the quantity supplied per year (in millions of pounds).

What is the equilibrium price per pound of cantaloupe? What is the equilibrium quantity of cantaloupe produced? Graph each curve.

Reference no: EM131200244

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