Concept explainers
(a)
To calculate: The quantity of the equilibrium price for hot dogs at the baseball game.
(a)
Answer to Problem 40AYU
The equilibrium quantity is
Explanation of Solution
Given information:
Where
Formula used:
Calculation:
The quantity of the equilibrium price for hot dogs is calculated as:
b.
To calculate: The prices for which quantity demanded is greater than quantity supplied.
b.
Answer to Problem 40AYU
The prices for which quantity demanded is greater than quantity supplied is
Explanation of Solution
Given information:
Where
Formula used:
Calculation:
The prices for which quantity demanded is calculated as.
c.
To calculate: Thing will eventually happen to the price of hot dogs if quantity demanded is greater than quality supplied.
c.
Answer to Problem 40AYU
The statement is explained.
Explanation of Solution
Given information:
Where
Formula used:
Calculation :
If the quantity demanded is less than quantity supplied then the prices of hot dogs will decrease.
Chapter 3 Solutions
Precalculus
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