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?

Q: The supply and demand curves for a product are Supply: y = 500x400 Demand: y = 100x + 8000, where x…

A:

Q: Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand…

A: We are given demand and supply function of a commodity. We have to find the equilibrium quantity and…

Q: The demand function and the supply function of a good are given by:D=14+5p-p² and S=3p -1. %3D Find…

A:

Q: Consider the following model of a market for a good, in which Qs is quantity produced, Qd is…

A: The objective of the question is to find the value of Qs when Qs = Qd in the given market model.

Q: Suppose that the demand and price for strawberries are related by…

A: We are given that the demand and price for strawberries are related by p=D(q)=5-0.25q where p…

Q: Peter is a manufacturer of dishwashing liquid. If his monthly demand function for 750 ml is q = 4000…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The demand for handcrafted acoustic guitars, in monthly sales, is q = -55p+13,920 if the selling…

A:

Q: Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand…

A: Given: Supply: P = 2Q+20 Demand: P = 200-2Q2