Assume that the demand curve D(p) given below is the market demand for widgets:   Q=D(p)=2907−22p , p > 0   Let the market supply of widgets be given by:   Q=S(p)=−5+10p , p > 0   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.   What is the equilibrium price? What is the equilibrium quantity? What is the price elasticity of demand (include negative sign if negative)? What is the price elasticity of supply?

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