Determine the equilibrium price, quantity, and describe the state of the market if the price was $5.00.

Okay, Janelle, let's continue with parts c) and d).

c) To find the quantity demanded and supplied if the price was $5.00, we substitute$p=5$ into the demand and supply equations.

Step 1: Calculate quantity demanded ($Q_D$) at $p=5$. $Q_D = 50 - 2p$ $Q_D = 50 - 2(5)$ $Q_D = 50 - 10$ $Q_D = 40$

Step 2: Calculate quantity supplied ($Q_S$) at $p=5$. $Q_S = 30 + 3p$ $Q_S = 30 + 3(5)$ $Q_S = 30 + 15$ $Q_S = 45$

At a price of $5.00: Quantity demanded is$\boxed{40}$Quantity supplied is$\boxed{45}$

d) To describe the state of the market, we compare the quantity demanded and quantity supplied at $p=5$.

Step 1: Compare $Q_D$ and $Q_S$. At $p=5$, $Q_D = 40$ and $Q_S = 45$. Since $Q_S > Q_D$, there is a surplus in the market.

Step 2: Calculate the magnitude of the surplus. $\text{Surplus} = Q_S - Q_D$ $\text{Surplus} = 45 - 40$ $\text{Surplus} = 5$

The state of the market is a surplus of $\boxed{*5*}$ units.