Consider the following model of a market for hats in which Qs is quantity of hats produced, Qd is quantity of hats purchased and P is the price of a hat.  Qs=5+12P Qd=50-3P at what price will Qs=Qd? a. £2 b. £5 c. £3 d. £4

Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter8: Introduction To Functions
Section: Chapter Questions
Problem 33CLR
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Consider the following model of a market for hats in which Qs is quantity of hats produced, Qd is quantity of hats purchased and P is the price of a hat. 

Qs=5+12P

Qd=50-3P

at what price will Qs=Qd?

a. £2

b. £5

c. £3

d. £4

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