Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where is the price.

Ariswer parts (a) through ©.
(a) Find the equilibrium price for the T -shirts at this concert.

The equilibrium price is (Round to the nearest dollar as needed.)
What is the equilibrium quantity?
The equilibrium quantity is 300 T-shirts.
(Type a whole number.)
(b) Determine the prices for which quantity demanded is greater than quantity supplied.

For the price p $ , the quantity demanded is greater than quantity supplied.

Part (a): Find the equilibrium price and quantity

1. Set the supply function equal to the demand function to find the equilibrium price:
   Substituting the given functions:
2. Combine like terms:
3. Solve for :

4. Substitute back into either the supply or demand function to find the equilibrium quantity:
   Using the supply function:

Part (b): Determine the prices for which quantity demanded is greater than quantity supplied

1. Set up the inequality:
   Substituting the functions:
2. Combine like terms:
3. Solve for :

Final Answer for Part (b):

Summary:

• (a) Equilibrium price: , Equilibrium quantity: 300 T-shirts.
• (b) For the price , the quantity demanded is greater than quantity supplied.