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)=167117pQ=D(p)=1671-17p, 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)=167117pQ=D(p)=1671-17p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=4+8pQ=S(p)=-4+8p, 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 consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.

d.

What is the unmet demand 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

Step: 3

blur-text-image

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

The American Economy

Authors: Walter Greason, William Gorman

1st Edition

1524902675, 9781524902674

More Books

Students also viewed these Economics questions

Question

Discuss the concept of ethics in the management of human resources.

Answered: 1 week ago

Question

Define organizational culture.

Answered: 1 week ago