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

S (p) = - 5,000+2000p

D (p) = 15,000-3,000p

Where p is the price of a hot dog in dollars. The equilibrium price of a market is defined as the price at which quantity supplied equals quantity demanded (S=D)

what is the equilibrium price, quantity, and the prices for if the quantity demanded is higher than the quantity supplied?

Question

Mathematics

Sarah Bowers

4 August, 08:03

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

S (p) = - 5,000+2000p

D (p) = 15,000-3,000p

Where p is the price of a hot dog in dollars. The equilibrium price of a market is defined as the price at which quantity supplied equals quantity demanded (S=D)

what is the equilibrium price, quantity, and the prices for if the quantity demanded is higher than the quantity supplied?

+4

Answers (1)

Know the Answer?

Byron Snow · Answer 1

1) for equilibrium price, S (p) = D (p)

5000+2000p=15000-3000p

2000p+3000p=15000-5000

5000p=10000

p=2.

2) For demand is higher than supply, D (p) >S (p)

15000-3000p > 5000+2000p

10000 > 5000p

2>p.