Question

Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -300 + 50p D(p) = 960 - 55p Answer parts (a) through (c). Find the equilibrium price for the T-shirts at this concert.

Answer 1

The equilibrium price for the T-shirts at this concert is $12.

Step-by-step explanation:

To find the equilibrium price, we need to set the quantity demanded equal to the quantity supplied. So, we can set the two functions equal to each other: -300 + 50p = 960 - 55p.

Now we can solve for p:

105p = 1260

p = 12

Therefore, the equilibrium price for the T-shirts at this concert is $12.