Question: A certain product has supply and demand functions given by p=50q + 200 and p =5700 -60q, respectively (a) If the price p is $1200,

A certain product has supply and demand functions given by p=50q + 200 and p =5700 -60q, respectively (a) If the price p is $1200, how many units q are supplied and how many are demanded? (b) What price gives market equilibrium, and how many units are demanded and supplied at this price? (a) When the price p is $1200, there are units supplied and units demanded. (Simplify your answer.) (b) The market equilibrium price is $ and units are supplied and demanded. (Simplify your answer.)

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