1. Suppose that at a price of $70 the quantity supplied in a market is 10 units, and at a price of sou the quantity supplied in the market is 15 unit If we use this information to create a linear supply equation, what will that equation be? a. P- 65 + (1/20 b. P= 50 + 20s C P= 90 - 2Qs d. P=75-(1/2]Qs

< 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. S(p)=-210+70p D(p) 1150-100p Answer parts (a) through (c). (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 T-shirts. (Type a whole number.) (b) Determine the prices for which quantity demanded is greater than quantity supplied. For the price $ supplied. p $ the quantity demanded is greater than quantity (c) What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied? OA. The price will increase. OB. The price will decrease.

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3. Indicate how each of the following will affect the current supply (Increase supply or Decrease Supply) for personal computers. a) A rise in wage rates b) An increase in the number of sellers of computers c) A tax placed on the production of computers d) A subsidy placed on the production of computers