Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=95714p Q=D(p)=957-14p, p
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Question:
Assume that the demand curve D(p) given below is the market demand for widgets:
Q=D(p)=95714p
Q=D(p)=957-14p, p > 0
Let the market supply of widgets be given by:
Q=S(p)=3+6p
Q=S(p)=-3+6p, p > 0
where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price.
- What is the equilibrium price?
- What is the equilibrium quantity?
- What is the total revenue at equilibrium?
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