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12 Nov 2019
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?
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?
Bunny GreenfelderLv2
14 Apr 2019