Answer:
Each pencil costs $0.07 and each eraser costs $0.03
Step-by-step explanation:
System of linear equations
It refers to the study of systems when n variables are related in m linear equations, each one is not independent from the others. Solving such systems can be done following very diverse approaches.
Let p=the price of each pencil while e is the price each eraser
Julio bought 4 pencils and 3 erasers, spending

David bought 3 pencils and 4 erasers, spending

The system of equations is written in the form

We'll solve it by reduction. Multiplying the first equation by -3 and the second by 4:

Adding both equations:
7e=0.21
e=0.03
Multiplying the first one by -4 and the second by 3

Adding both equations:
-7p=-0.49
p=0.07
Solution: Each pencil costs $0.07 and each eraser costs $0.03