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In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia;...

In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia; by December the price had risen to $11.† The result was that one retailer reported a drop in sales from 14 bags per day to 2 bags per day. Assume that the retailer is prepared to sell 4 bags per day at $8 and 16 bags per day at $11. Find linear demand and supply equations, and then compute the retailer's equilibrium price.

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milcah answered 2 years ago
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