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suppose that the quantity supplied S and the quantity demanded D of hot dogs at a baseball game are given by the following functions

S(p)=-5,000+2000p
D(p)=15,000-3,000p

Where p is the price of a hot dog in dollars. The equilibrium price of a market is defined as the price at which quantity supplied equals quantity demanded (S=D)

what is the equilibrium price, quantity, and the prices for if the quantity demanded is higher than the quantity supplied ?

Respuesta :

SJ2006

1)for equilibrium price, S(p)=D(p)

      5000+2000p=15000-3000p

      2000p+3000p=15000-5000

        5000p=10000

         p=2.

2)For demand is higher than supply, D(p)>S(p)

    15000-3000p > 5000+2000p

    10000 > 5000p

     2>p.

    

 

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