Final answer:
The equilibrium price and quantity are typically where supply and demand intersect, but without the actual graph, we cannot accurately determine the equilibrium for Michigan blueberries.
Examples given about raspberries indicate how market dynamics determine profitability and equilibrium in a market.
Step-by-step explanation:
The equilibrium price and quantity of a product are determined where the market supply and market demand intersect. For the Michigan blueberries that are sold in 50-pound boxes, without the actual graph, it is not possible to accurately determine the equilibrium price and quantity.
However, based on the principle, it is typically at a point where the demand for the blueberries meets the supply provided by the market.
The given information about raspberries indicates that an equilibrium scenario includes the equilibrium price being set at $4.00, with an equilibrium quantity of 800 packs.
In a different situation with frozen raspberries, a price drop to $2.00 for a pack results in a loss for the firm, as total revenue is less than the total cost, shown by the comparison of two rectangles (one representing total revenue and the other total costs).
These examples illustrate how market dynamics determine the profitability and equilibrium in a market, where equilibrium price and quantity are key factors in achieving market efficiency.