Due: Monday, October 11 Econ 1021A (570) Assignment 3 Fall 2021 Professor Ibbott Family Name: Given Name: Student #: Suppose that the demand for widgets is given by Q" = 100 - 0.25P, while the supply of widgets is estimated to Q' = 40 + 0.25P. 1. The market equilibrium price is P= _and the market equilibrium quantity is Q =_ 2. The price elasticity of demand for widgets at the market equilibrium is 3. If the supply of widgets increases, widget industry revenue will do what? 4. The cross price elasticity for widgets with respect to gadgets is -0.5. If the price of gadgets rises from $0.95 to $1.10 (a 10% increase), then the widget demand curve will shift left / right (circle your choice) by units