The quantity supplied of a good is the amount of product that a company is willing to make available for sale at a given price. The quantity demanded of a good is the amount of product that a consumer is willing to purchase at a given price. Suppose that the quantity supplied S, and quantity demanded, D, of a cellular telephones each month are given by the following functions: S(p)=60p-900; D(p)= -15p+2850 1) The equilibrium price of a product is defined as the quantity supplied is equal to quantity demanded. That is, the price at which S(p)=D(p). Find the equilibrium price of cellular phone. What is the equilibrium quantity--the amount demanded (or supplied) at the equilibrium price? 2) Determine the price for which quantity supplied is greater than quantity demanded, that is, solve the inequality S(p)>D(p)
The quantity supplied of a good is the amount of product that a company is willing to make available for sale at a given price. The quantity demanded of a good is the amount of product that a consumer is willing to purchase at a given price. Suppose that the quantity supplied S, and quantity demanded, D, of a cellular telephones each month are given by the following functions:
S(p)=60p-900; D(p)= -15p+2850
1) The equilibrium price of a product is defined as the quantity supplied is equal to quantity demanded. That is, the price at which S(p)=D(p). Find the equilibrium price of cellular phone. What is the equilibrium quantity--the amount demanded (or supplied) at the equilibrium price?
2) Determine the price for which quantity supplied is greater than quantity demanded, that is, solve the inequality S(p)>D(p)
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