Supply and Demand Suppose that the quantity supplied S and the quantity demanded D of T-shirts at a concert are given by the following functions: S ( p ) = − 6 00 + 50p D ( p ) = 1200 − 25 p where p is the price of a T-shirt. a. Find the equilibrium price for T-shirts at this concert. What is the equilibrium quantity? b. Determine the prices for which quantity demanded is greater than quantity supplied. c. What do you think will eventually happen to the price of T-shirts if quantity demanded is greater than quantity supplied?
Supply and Demand Suppose that the quantity supplied S and the quantity demanded D of T-shirts at a concert are given by the following functions: S ( p ) = − 6 00 + 50p D ( p ) = 1200 − 25 p where p is the price of a T-shirt. a. Find the equilibrium price for T-shirts at this concert. What is the equilibrium quantity? b. Determine the prices for which quantity demanded is greater than quantity supplied. c. What do you think will eventually happen to the price of T-shirts if quantity demanded is greater than quantity supplied?
Solution Summary: The author explains that the equilibrium price for T-shirts at this concert is 24 and the quantity demanded is 600.
Suppose that the demand and price for strawberries are related by
p=D(q)=5-0.25q
where p represents the price (in dollars) and q is the quantity demanded (in hundreds of quarts).
Find the price at the following levels of demand.
a.0 quarts b.400 quarts c. 840 quarts
_______ _______ ________
2.-By comparing the three levels of demand to the respective price calculated in the previous question, write your conclusion about the relation between price and demand?
Suppose the price and supply of strawberries are related by
p=S(q)=0.25q
where p is the price in (in dollars) and q is the quantity supplied in (hundreds of quarts) of strawberries.
Find the quantity supplied at each price below.
a.$0 b. $2 c. $4.50
_____ _____…
Chapter 3 Solutions
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