$\"\"$

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The functions are $\"\"$ and $\"\"$ .

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$\"\"$ represents quantity supplied of T-shirts.

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$\"\"$ represents quantity demanded of T-shirts.

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And $\"\"$ is the price of a hot dog.

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(a)

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Find the equilibrium price and equilibrium quantity for hot dog.

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Equilibrium Price is obtained when $\"\"$

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Substitute $\"\"$ and $\"\"$ in the equation $\"\"$ .

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$\"\"$

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Equilibrium price is $\"\"$ .

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Sunstitute $\"\"$ in $\"\"$ .

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$\"\"$

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$\"\"$

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Equilibrium quantity is $\"\"$ hot dogs.

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$\"\"$

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(b).

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Find the price when quantity demanded is less than quantity supplied i.e. $\"\"$ .

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Substitute $\"\"$ and $\"\"$ in the equation $\"\"$ .

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$\"\"$

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The demand will be less than supply when the price is greater than $\"\"$ .

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(c).

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When quantity demanded is less than quantity supplied, the price will be eventually decreased.

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$\"\"$

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(a)

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Equilibrium price is $\"\"$ .

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Equilibrium quantity is $\"\"$ hot dogs.

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(b) The demand will be less than supply when $\"\"$ .

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(c) The price will be eventually decreased.