Answer
a) equilibrium price 3\$
b) $price > 3$\$
c) When quantity demanded is less than supply, then price will go down
Work Step by Step
S(p) = -2000 + 3000p
D(p) = 10,000 - 1000p
A)
At equilibrium price, D(p) = S(p)
=> $-2000 + 3000p = 10,000 - 1000p$
=> $4000p = 12,000$
=> $p = 3$
Equilibrium quantity $S(3) = -2000 + 3000 \times 3 = 7000$
b) p for which D(p) < S(p)
=>$ 10,000 - 1000p < -2000 + 3000p$
=>$10,000 + 2000 < 1000p + 3000p$
=> $p > 3$ i.e above equilibrium price
For p > 3 demand will be more than supply
c) When quantity demanded is less than supply, then price will go down