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The market for apples in a city is defined by a demand curve that passes through the following points: ($5/pound, 300 pounds); ($10/pound, 200 pounds);
The market for apples in a city is defined by a demand curve that passes through the following points: ($5/pound, 300 pounds); ($10/pound, 200 pounds); ($15/pound, 100 pounds). Meanwhile, we know the supply curve passes through these points: ($15/pound, 300 pounds); ($10/pound, 200 pounds); ($5/pound, 100 pounds). If the market starts supplying at a rate of $15 per pound and producing 300 pounds of apples, how much must the price change before the market is in equilibrium
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