The following table gives the daily supply and demand for hot dogs at a sporting

event:

Price,

$

Quantity

demanded

Quantity

supplied

2.10

800

7,200

1.80

1,600

4,800

1.60

2,400

2,400

1.40

3,200

800

1.20

4,100

200

What is the equilibrium price of hot dogs? What makes you think so?

b. If the organizers of the sporting event decide to set the price at 1.80, how many hot

dogs will be sold?