Suppose demand and supply curves in the stainless-steel cookware market have the following functional forms: QD = 312 - 6P and QS = 3P - 21, where P is measured in dollars per piece of cookware. Part (a): Suppose cookware is initially priced at $42. Calculate the level of excess supply or excess demand that exists in the market. Part (b): Based on your answer to part (a), describe how the price must adjust. Part (c): Calculate the equilibrium price and the number of stainless-steel cookware pieces that are sold.
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