The market for soda is characterized by the following supply and demand functions:
Supply: 𝑄𝑆=80+7𝑝
Demand: 𝑄𝐷=188−11𝑝
,
where 𝑄𝑆 stands for quantity supplied (number of bottles), 𝑄𝐷 stands for quantity demanded (number of bottles), and 𝑝 stands for price (per bottle).
3rd attempt
Part 1(1 pt)
At the price of $5 per bottle in the market for soda, sellers would want to sell ......
bottles.
Part 2(1 pt)
At the price of $5 per bottle in the market for soda, buyers would want to buy ......
bottles.
Part 4(4 pts)
Once the market reaches an equilibrium, the price will
increase to $ ....