Demand and Supply Curves The demand and supply curves for T-shirts in LA, Ca, are given by the follo

Demand and Supply Curves

The demand and supply curves for T-shirts in LA, Ca, are
given by the following equations:

Q= 24,000 – 500P Q= 6,000 + 1,000P

where P is measured in $ and Q is the number of T-shirts
sold per year

a Find the equilibrium price and quantity algebraically

b If the tourists decide they do not really like T-shirts
that much, which of the following might be the new demand curve?

Q=21,000 – 500P Q=27,000 – 500P

Find the equilibrium price and quantity after the shift of
the demand curve

c If, instead, 2 new stores that sell T-shirts open up in
town, which of the following might be the new supply curve?

Q=4,000 + 1,000P Q=9,000 + 1,000P

Find the equilibrium price and quantity after the shift of
the supply curve

In addition,

Assume both b and c happen causing both the demand and
supply curves to shift Find the new equilibrium price and quantity after both
shifts

 

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