Please assist with the given problem.
The demand and supply functions for sweatshirts (the basic grey kind) are as follows:
Demand Supply
Quantity Quantity
Demanded Supplied
Price (per period) Price (per period)
$10 15,000 $10 22,000
9 15,500 9 19,000
8 16,000 8 16,000
7 16,500 7 13,000
6 17,000 6 10,000
5 17,500 5 7,000
4 18,000 4 4,000
3 18,500 3 1,000
2 19,000 2 0
The equations for the demand and supply functions above are as follows:
Qd = 20,000 - 500P
Qs = -8,000 + 3000P
Solve for the equilibrium price and quantity.