Suppose that the quantity supplied S and quantity demanded D of T-shirts at a co

Question

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)=-250 + 45p D(P)=1000-80p Answer parts (a) through (c). Find the equilibrium price for the T-shirts at this concert. Ter equilibrium price is $ 10 (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium is 200 T-shirts. (Type a whole number.) Determine the price for which quantity demanded is greater than quantity supplied. For the price $ p $, the quantity demanded is greater than quantity supplied.

Explanation / Answer

a)-250+45p=1000-80p

=>125p=1250

=>p=10

quantity=-250+450=200

b)1000-80p>-250+45p

==>p<10

==>0<=p<10

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