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3 September, 21:08

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?

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  1. 4 September, 00:04
    0
    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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