This chapter will be covered about Linear Functions. Attached is the questions that needed to be completed and the question below as well.
3.1.39 (see example 5, page 125) 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.
- Find the equilibrium price for the T-shirts at this concert. What is the equilibrium quantity?
- Determine the prices for which quantity demanded is greater than quantity supplied.
- What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied?