Suppose that the quantity supplied s and quantity demanded d of baseball caps at major league game are given by the functions s(p)=1,800-80p and D(p)=100p, where p is the price

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Question:

Suppose that the quantity supplied s and quantity demanded d of baseball caps at major league game are given by the functions s(p)=1,800-80p and D(p)=100p, where p is the price

Answers

Answer: a. Equilibrium Price= 10b. Equilibrium quantity= 1000Step-by-step explanation:Suppose that the quantity supplied s and quantity demanded d of baseball caps at major league game are given by the functions s(p)=1,800-80p and D(p)=100p, where p is the priceA. Find the equilibrium price for the caps at the game. B) Find the equilibrium quantity.A. The equilibrium price is the price gotten when the demand equals to the supply. This will be:S(p)=1,800-80pD(p)=100pS(p) = D(p)1,800-80p = 100p100p + 80p = 1800180p = 1800p = 1800/180p = 10Equilibrium Price is 10B. To find the equilibrium quantity goes thus:S(p)=1,800-80p = 1800 - 80(10)= 1800 - 800= 1000D(p)=100p= 100 × 10= 1000The equilibrium quantity is 1000.

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