Supply and Demand Suppose that the quantity supplied S and quantity demanded D of
Chapter 2, Problem 61(choose chapter or problem)
Supply and Demand Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following equations: where p is the price. (a) Find the equilibrium price for T-shirts at this concert. (b) What is the equilibrium quantity? (c) Graph each equation and label the equilibrium point. (d) 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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