Ensemble-averaged equations are derived for small-amplitude acoustic wave p
ropagation through non-dilute suspensions. The equations are closed by intr
oducing effective properties of the suspension such as the compressibility,
density, viscoelasticity, heat capacity, and conductivity. These effective
properties are estimated as a function of frequency, particle volume fract
ion, and physical properties of the individual phases using a self-consiste
nt, effective-medium approximation. The theory is shown to be in excellent
agreement with various rigorous analytical results accounting for multipart
icle interactions. The theory is also shown to agree well with the experime
ntal data on concentrated suspensions of small polystyrene particles in wat
er obtained by Allegra & Hawley and for glass particles in water obtained i
n the present study.