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The following represents demand for widgets (a fictional product): Q D = -47,214 - 90P + 0.8M - 2P R where P is the price

The following represents demand for widgets (a fictional product):

Q_D = -47,214 - 90P + 0.8M - 2P_R

where P is the price of widgets, M is income, and P_R is the price of a related (fictional) good, the widget. Supply of widgets is determined by

Q_S = 400P - 15,550

the equilibrium price of widgets is $84.20, and the equilibrium quantity is 14,578.8.

Generate a supply/demand graph in Excel. Be sure that P is the vertical axis and Q the horizontal. Does the graphical equilibrium correspond to your algebraic equilibrium?

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