Ask Question
27 July, 04:39

Suppose that the quantity supplied s and quantity demanded d of baseball caps at major league game are given by the functions s (p) = 1,800-80p and D (p) = 100p, where p is the price

+3
Answers (1)
  1. 27 July, 07:44
    0
    Answer: a. Equilibrium Price = 10

    b. Equilibrium quantity = 1000

    Step-by-step explanation:

    Suppose that the quantity supplied s and quantity demanded d of baseball caps at major league game are given by the functions s (p) = 1,800-80p and D (p) = 100p, where p is the price

    A. Find the equilibrium price for the caps at the game. B) Find the equilibrium quantity.

    A. The equilibrium price is the price gotten when the demand equals to the supply. This will be:

    S (p) = 1,800-80p

    D (p) = 100p

    S (p) = D (p)

    1,800-80p = 100p

    100p + 80p = 1800

    180p = 1800

    p = 1800/180

    p = 10

    Equilibrium Price is 10

    B. To find the equilibrium quantity goes thus:

    S (p) = 1,800-80p

    = 1800 - 80 (10)

    = 1800 - 800

    = 1000

    D (p) = 100p

    = 100 * 10

    = 1000

    The equilibrium quantity is 1000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose that the quantity supplied s and quantity demanded d of baseball caps at major league game are given by the functions s (p) = ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers