MARKET EQUILIBRIUM In Exercises 46, supply and demand functions, S(x) and D(x) , are given for a particular commodity in terms of the level of production x. In each case:
(a) Find the value of xe for which equilibrium occurs and the corresponding equilibrium price pe.
(b) Sketch the graphs of the supply and demand curves, p = S(x) and p = D(x) , on the same graph.
(c) For what values of x is there a market shortage? A market surplus?
S(x) = x2 + x + 3 and D(x) = 21 − 3x2
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