Question
Given these schedule for the supply and demand for widgets, derive the demand equation, supply equation, equilibrium price and equilibrium quantity. Demand equation: p Qd
Given these schedule for the supply and demand for widgets, derive the demand equation, supply equation, equilibrium price and equilibrium quantity.
Demand equation: p Qd p Qs
Alpha ---> -------------- 1 465 1 0
Beta ---> --------------- 2 440 2 0
Supply equation: 3 415 3 15
Alpha ---> ------------- 4 390 4 30
Beta --->-------------- 5 365 5 45
Equilibrium Price ---> ---------
Equilibrium Quantity --->----------
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