a. equilibrium quantity $ 110$ million packages; equilibrium price $ 50$ cents. b. $50\ cents$, $110$, $110$.
Work Step by Step
a. To solve the system, let $–0.5x + 105=0.5x − 5$ We have the equilibrium quantity $x=110$ million packages. The equilibrium price is $p=0.5(110) − 5=50$ cents. b. Based on the above results, if cookies are sold for $50\ cents$ per package, there will be a demand for $110$ million packages per week and bakers will supply $110$ million packages per week.