Q1   Assume that the demand curve D(p) given below is the market demand for widgets:   Q=D(p)=1291−14pQ=D(p)=1291-14p, p > 0   Let the market supply of widgets be given by:   Q=S(p)=−5+10pQ=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?   Please round your answer to the nearest hundredth.   What is the equilibrium quantity?   Please round your answer to the nearest integer.   What is the total revenue at equilibrium?   Please round your answer to the nearest integer.

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Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.