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The demand and supply curves for a widget are given by the following: Qd = 20 0.25p Qs = 0.5p a. What is the equilibrium

The demand and supply curves for a widget are given by the following: Qd = 20 0.25p

Qs = 0.5p

a. What is the equilibrium price and quantity in the market for widgets?

b. What is the choke price for widgets?

c. If the market price is $40, how many widgets will be demanded? How many will be supplied? What can you say about the market for widgets at a price of $40

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