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) =

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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