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.