< Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)=-210+70p D(p) 1150-100p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $ (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts. (Type a whole number.) (b) Determine the prices for which quantity demanded is greater than quantity supplied. For the price $ supplied. p $ the quantity demanded is greater than quantity (c) What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied? OA. The price will increase. OB. The price will decrease.
< Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)=-210+70p D(p) 1150-100p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $ (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts. (Type a whole number.) (b) Determine the prices for which quantity demanded is greater than quantity supplied. For the price $ supplied. p $ the quantity demanded is greater than quantity (c) What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied? OA. The price will increase. OB. The price will decrease.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:<
Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert
are given by the following functions where p is the price.
S(p)=-210+70p
D(p) 1150-100p
Answer parts (a) through (c).
(a) Find the equilibrium price for the T-shirts at this concert.
The equilibrium price is $ (Round to the nearest dollar as needed.)
What is the equilibrium quantity?
The equilibrium quantity is
T-shirts.
(Type a whole number.)
(b) Determine the prices for which quantity demanded is greater than quantity supplied.
For the price $
supplied.
p
$
the quantity demanded is greater than quantity
(c) What will eventually happen to the price of the T-shirts if the quantity demanded is
greater than the quantity supplied?
OA. The price will increase.
OB. The price will decrease.
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