Define the demand and supply functions for sweatshirts

Reference no: EM13182421

The demand and supply functions for sweatshirts (the basic grey kind) are as follows:

Price Quantity
Demanded
(per period) Quantity
Supplied
(per period)

$10 14,000 21,000
9 14,500 18,000
8 15,000 15,000
7 15,500 12,000
6 16,000 9,000
5 16,500 6,000
4 17,000 3,000
3 17,500 0
2 18,000 -3,000

The equilibrium price is

Reference no: EM13182421

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