Suppose that the quantity supplied Sand quantity demanded Dol Tshirts ataconcert

Question

Suppose that the quantity supplied Sand quantity demanded Dol Tshirts ataconcert are given by the following functions where pis the price. s(p) -200 50p 1060-56p Answer parts through to) Find the eqalbum price for the Tshirts at this concert. me equltorium price iss Round othe nearest dla as needed) 'What is the equilibrium quartty? The equlbium quantty is Tshirts. mype a whole number) Determine the prices which quantity demanded s geater quantity supplied than For the prior What wil eventually happen to the price the Tshirts the quantity demanded is gearer than the quantly suppled? O A. The price wanoeas. OB The price will decrease

Explanation / Answer

S(p) = 200 + 5p
D(p) = 1060 - 55p
a)
For equilibrium
S(p) = D(p)
200 + 5p = 1060 - 55p
60p = 860
p=$14.33
Answer: $14.33

S(p) = 200 + 5p
= 200 + 5*14.33
= 272
Answer: 272 T-shirt

b)
D(p) > S(p)
200 + 5p < 1060 - 55p
60p < 860
p < $14.33
for p less than $14.33
c)
The price will increase

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