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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

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.

  1. What is the equilibrium price?
  2. What is the equilibrium quantity?
  3. What is the total revenue at equilibrium?

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