Question
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $62, $50, $40,
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $62, $50, $40, $32, and $30 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $12, $18, $30, $32, and $40 (one buyer at each price).
For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied.
Price | Quantity Demanded | Quantity Supplied |
---|---|---|
($ per widget) | (widgets) | (widgets) |
$12 | ||
$18 | ||
$30 | ||
$32 | ||
$40 | ||
$50 | ||
$62 |
In this market, the equilibrium price will be
per widget, and the equilibrium quantity will be widgets.
can you help me understand how to solve this problem
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