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May 28, 2015

Homework Help: statistics

Posted by Jody on Thursday, July 3, 2014 at 12:57am.

At the start of December 2001, the retail price of a 25kg bag of cornmeal was $10 in Zambia, while by the end of the month, the price had fallen to $6. The result was that one retailer reported an increase in sales from 3 bags/day to 5 bags/day. Assume that the retailer is prepared to sell 18 bags/day at $8 and 12 bags/day at $6. Obtain linear demand supply equations, and compute the retailer's equilibrium price.

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