Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=926-9p, p > 0 Let the market supply of widgets be

Assume that the demand curve D(p) given below is the market demand for widgets:

Q=D(p)=926-9p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=-5+10p, 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.

A.

What is the equilibrium price? Please round your answer to the nearest hundredth.

B.

What is the equilibrium quantity? Please round your answer to the nearest integer.

C.

What is the total revenue at equilibrium? Please round your answer to the nearest integer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles A Business Perspective Financial Accounting Chapter 1-8

Authors: James Edwards, Roger Hermanson, Bill Buxton

1st Edition

1461088186, 978-1461088189

More Books

Students explore these related Economics questions