Solve the problem.
-Suppose that the quantity supplied S and quantity demanded D of baseball caps at a major league game are given by the functions S(p) = 3230 - 90p and D(p) = 100p, where p is the price. Find the equilibrium price for
Caps at the game. Then find the equilibrium quantity.
A) $32, $350
B) $10, $2330
C) $17, $1700
D) $10, $1700

Question

Quizplus · Accepted Answer

The equilibrium price occurs when quantity supplied equals quantity demanded: S(p) = D(p). Solving 3230 - 90p = 100p gives p = 17. Substituting p = 17 into either function gives the equilibrium quantity: 1700.

Solve the Problem. -Suppose That the Quantity Supplied S and Quantity Demanded D