Suppose that the quantity supplied S and quantity demanded D of hot dogs at a baseball game

Question:

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

S(p) = -2000 + 3000p

D(p) = 10,000 - 1000p

where p is the price of a hot dog.

(a) Find the equilibrium price for hot dogs at the baseball game.What is the equilibrium quantity?

(b) Determine the prices for which quantity demanded is less than quantity supplied.

(c) What do you think will eventually happen to the price of hot dogs if quantity demanded is less than quantity supplied?

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Precalculus

ISBN: 978-0321716835

9th edition

Authors: Michael Sullivan

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Question Posted: Dec 31, 2018 11:28 AM

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Suppose that the quantity supplied S and quantity demanded D of hot dogs at a baseball game

Question:

Step by Step Answer:

Sp 2000 3000 p Dp 10000 1000 p a Solve S p Dp Thus the equilibriu...View the full answer

Precalculus

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