Question: Please answer this question! Suppose that the quantity supplied 3 and quantity demanded D of T-shirts at a concert are given by the following functions

Please answer this question!

Suppose that the quantity supplied 3 and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= 340 + 40p D(p)=1100-50p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $|:| (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is D T-shirts. (Type a whole number.) (b) Determine the prices for which quantity demanded is greater than quantity supplied. For the price $|:| |:llp |:1I $|:|_ the quantity demanded is greater than quantity supplied. (6) What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied? 0 A. The price will increase. 0 B. The price will decrease

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