Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 1067 - 13p, p> 0 |3D %3D Let the market supply of widgets be given by: S(p) = - 4+ 8p, p > 0 %D %3D where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. Q: What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. Q: What is the total revenue at equilibrium? Please round your answer to the nearest integer,

Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 1067 - 13p, p> 0 |3D %3D Let the market supply of widgets be given by: S(p) = - 4+ 8p, p > 0 %D %3D where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. Q: What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. Q: What is the total revenue at equilibrium? Please round your answer to the nearest integer,

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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