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?
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter2: Functions
Section2.4: Average Rate Of Change Of A Function
Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.
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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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