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)=-350+40pD(p)=1150-60pAnswer 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 $pthe quantity demanded is greater than quantity supplied.(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.80aDIIF3F4F5F6

(a) To find the equilibrium price, we set the quantity supplied equal to the quantity…

Answered: Suppose that the quantity supplied S…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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A company is planning to manufacture mountain bikes. Fixed monthly cost will be $300,000 and it will cost $200 to produce each bicycle. A. Write the cost function, C, of producing x mountain bikes. C(x) = per month B. Write the average cost function, C, of producing x mountain bikes. C(x) = per month %3D C. How many mountain bikes must be produced each month for the company to have an average cost of $300 per bike? must be produced each month. Enter your answer in each of the answer boxes.
Crude Oil The U.S. crude oil production, in billionsof barrels, was 1.94 in the year 2010 and is projectedto be 2.26 in 2030.a. Find the projected average rate of change inproduction from 2010 through 2030.b. Use the rate of change from part (a) and the pointcorresponding to 2010 to write the equation of theline that joins the points (2010, 1.94) and (2030,2.26), with x equal to the year 2010 and y equal tothe number of billions of barrels of crude oil.(Source: U.S. Energy Information Administration)
The equilibrium price is the price where the supply and demand are the same. In the figure below, the supply curve is in red and the demand curve is in blue. 1000 800 600 400 + 200 0 - 2 4 Price per item (dollars) Use this graph to estimate the equilibrium price. $ 1000 How many items are supplied at the equilibrium price? X items Number of items
13. LANDSCAPE George hired some people to work on his yard one day per week for a month. At the end of the month George received a bill. On the bill he was charged $230 for 12 hours worth of work, including a monthly service fee of $50. a. Assuming that the relationship between the amount of the bill and the number of hours worked is linear, write an equation for this relationship. b. What is the slope of the line? What are the units associated with the slope of the line? What does the slope tell you about the problem situation? C. What is the vertical intercept of the line? What does the vertical intercept tell you about the problem situation?

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