Assume that quantity supplied S and quantity demanded D of hot dogs at the baseball game are provided by following functions:
S(p) =-2000+3000p
D(p) =10,000-1000p
where p is price of the hot dog.
(a) Determine equilibrium price for hot dogs at baseball game. Determine the equilibrium quantity?
(b) Find prices for which quantity demanded is less than quantity supplied.
(c)What do you believe will finally occur to price of hot dogs if quantity demanded is less than quantity supplied?