As background you need to have read the discussion on supply and demand preceding Example $6,$ as well as Example 6 itself. In each exercise, assume that the price $p$ is in dollars.
Assume that the supply and demand functions for a commodity are as follows. Supply: $q=15 p,$ Demand: $q=12,493-50 p,$ for $p \geq 0$
(a) If the price is set at $\$ 50,$ will there be a shortage or
a surplus of the commodity? What if the price is tripled?
(b) Show that if the price is $\$ 200$, there will be a surplus. How many items will be left unsold?
(c) Find the equilibrium price and the corresponding equilibrium quantity.