The demand and supply functions for sweatshirts (the basic grey kind)are as follows:
The equations for the demand and supply functions above are as follows:
Qd = 20,000 - 500P
Qs = -8,000 + 3000P
a.Solve for the equilibrium price and quantity.(Hint: at equilibrium,quantity supplied equals quantity demanded.)
b.Assume the supply function changes to:
Qs = -5,000 + 3000P
Does supply increase or decrease? What is the new equilibrium price and quantity?
Definitions:
Arthropods
Arthropods are a phylum of invertebrate animals with exoskeletons, segmented bodies, and jointed limbs, including insects, arachnids, and crustaceans.
Synapomorphies
Shared derived characters or traits that are used to determine evolutionary relationships among organisms.
Exoskeletons
External skeletons that support and protect an organism's body, found in arthropods like insects, crabs, and lobsters.
Marsupial Colonization
The process by which marsupials, a group of mammals typically characterized by premature birth and continued development in the mother's pouch, spread and establish populations in new areas.
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