SOLUTION: Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by:s(p)=5p-200 and d(p)=1000-25p where p is the price. a. Find the equilibrium p

Question 991591: Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by:s(p)=5p-200 and d(p)=1000-25p where p is the price.
a. Find the equilibrium price for T-shirts in this concert.

b. Find the equilibrium quantity for T-shirts in this concert.

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
not real sure but i think the answer is:
equilibrium price is 40.
equilibrium quantity is 0.
if you graph both equations, you will see that they intersect when demand and supply are both 0.
since these are both linear equations, there is only one intersection point so that has to be it.
here's the graph of both equations.

when the price is less than 40 dollars, there is more demand than supply.
when the price is greater than 40 dollars, there is more supply than demand.

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