Suppose that a company that makes sweatshirts has a linear demand function of qD = –13p + 500 and a linear supply function of qS = 6p + 120, where p is the price of each sweatshirt and q is the quantity, or number of sweatshirts. How many sweatshirts are made and sold if the market is in equilibrium? (i.e., What is the equilibrium demand?) You do not need to type units on your answer.

Suppose that a company that makes sweatshirts has a linear demand function of qD = –13p + 500 and a linear supply function of qS = 6p + 120, where p is the price of each sweatshirt and q is the quantity, or number of sweatshirts. How many sweatshirts are made and sold if the market is in equilibrium? (i.e., What is the equilibrium demand?) You do not need to type units on your answer.

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter8: Functions

Section8.CT: Test

Problem 19CT

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Question

Suppose that a company that makes sweatshirts has a linear demand function of q_D = –13p + 500 and a linear supply function of q_S = 6p + 120, where p is the price of each sweatshirt and q is the quantity, or number of sweatshirts. How many sweatshirts are made and sold if the market is in equilibrium? (i.e., What is the equilibrium demand?) You do not need to type units on your answer.

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