Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=2372−19p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−3+6p, 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? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. What is the price elasticity of demand (include negative sign if negative)? Please round your answer to the nearest hundredth. What is the price elasticity of supply? Please round your answer to the nearest hundredth
Q3. Assume that the
Q=D(p)=2372−19p, p > 0
Let the market supply of widgets be given by:
Q=S(p)=−3+6p, p > 0
where p is the
What is the
What is the
What is the
What is the price elasticity of supply? Please round your answer to the nearest hundredth
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 4 images
