Final answer:
The price of one dry erase marker and one eraser is $1.20.
Step-by-step explanation:
To solve this problem, we can set up a system of equations. Let's denote the price of one marker as 'm' and the price of one eraser as 'e'. From the given information, we know that:
2m + e = 7 (equation 1)
3m + 2e = 12 (equation 2)
We can solve this system of equations by using the method of substitution. First, let's solve equation 1 for 'm':
m = (7 - e) / 2
Now substitute this value of 'm' into equation 2:
3((7 - e) / 2) + 2e = 12
Simplify the equation:
(21 - 3e + 4e) / 2 = 12
Simplify further:
5e = 6
e = 6/5
Therefore, the price of one dry erase marker and one eraser is $6/5 or $1.20.