Q.3. Below are the equations for the demand and supply curves: Demand curve: Od-4200-2P Supply curve: Qs=700+5P Compute the equilibrium price?

1. What is the equilibrium price? What is the equilibrium quantity? Suppose P_c goes up to 14. New equilibrium price?  New equilibrium quantity?

Draw a supply and demand diagram for the following event showing the impact of the following event on equilibrium price and quanitity in the market for paint: There have recently been some important cost-saving inventions in the paint-making industry, and, because of severe hailstorms, many people need to repaint now. Breifly explain your reasoning

< 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.