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) = - 600 + 50pD(p) = 1200 - 25pwhere 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?
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) = - 600 + 50pD(p) = 1200 - 25pwhere 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?
Chapter3: Polynomial Functions
Section3.5: Mathematical Modeling And Variation
Problem 5ECP
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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) = - 600 + 50p
D(p) = 1200 - 25p
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?
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