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Question 7 (2 points)
What is the equilibrium price for backpacks?
Annual Supply and Demand for Backpacks (in Thousands)
Price
Quantity Demanded
Quantity Supplied
$40.00
14
0
$42.50
12
$45.00
11
$47.50
9
$50.00
$52.50
$55.00
$57.50
$60.00
* nN
$62.50
12
a
$40.00
b
$47.50
O
$52.50
O d
$57.50
Ok so for this, you need to think more in the economics/ math zone. I’m not sure if this is in the problem, but you need to find the avg price of one single backpack then Multiply that by the amount you are trying to find. I’m not sure if this is what you were asking, but I hope this helps :)
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