The demand curve for Widgets is given by 52) QD = 5800 - 200 p + 30
Fantastic news! We've Found the answer you've been seeking!
Question:
The demand curve for Widgets is given by 52) QD = 5800 - 200 p + 30 pG
where QD is the quantity of widgets demanded, p is the price of widgets, and pG is the price of Gizmos. The supply of Widgets is given by:
QS = 250 p - 1250
Solve for the equilibrium price and quantity of widgets in terms of the price of Gizmos.
Use calculus to find the comparative-static derivatives for the changes in the
equilibrium price and quantity of Widgets with respect to a change in the price of Gizmos.
Expert Answer:
Posted Date:
