3. The values for p and q represent the equilibrium point. As related to the troupe's fundraiser, what does the equilibrium point represent? 4. What happens when the quantity is above the equilibrium point? don't wanna The quanity increases because people pay more than the equilibrium Price 5. What happens when the quantity is below the equilibrium point? I need help
Mathematics · Middle School · Thu Feb 04 2021
Answered on
The values for p and q representing the equilibrium point in the context of a troupe's fundraiser refer to the price level (p) and the quantity level (q) at which the supply of goods or tickets being offered matches the demand from people willing to purchase them. This means that, at the equilibrium point, the troupe is selling exactly as many goods or tickets as the customers are willing to buy at that price.
When the quantity of goods or tickets is above the equilibrium point, it means that the supply exceeds the demand at the current price. This usually leads to a surplus of goods or unsold tickets. In a free market, sellers may respond to this surplus by lowering the price to increase demand, moving the quantity back towards equilibrium.