Explain how price supply and demand are equal

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Reference no: EM1371406

Q. At a price of p dollars per ticket to a rock concert that can be sold is provided by a demand model, N=-25p+7800. At a price of p dollars per ticket, number of tickets that concert's promoters are willing to make available is provided by supply model, N=5p+6000.

a. Explain how many tickets can be sold and supplied at $50 per ticket?

b. Using graphing function on TI-83/84 Explain how price supply and demand are equal. At this price, explain how many tickets will be supplied and sold?

Reference no: EM1371406

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