ASsume that the demand cur given beloW Is the market demand for widgets: Q=D(p)=2953–24PQ=D(p)=2953-24p, p> 0 Let the market supply of widgets be given by: Q=S(p)=-5+10PQ=S(p)=D5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the numb of widgets demanded and supplied at a given price. 1- What is the equilibrium price? Please round your answer to the nearest hundredth. 2- What is the equilibrium quantity? Please round your answer to the nearest integer.

ASsume that the demand cur given beloW Is the market demand for widgets: Q=D(p)=2953–24PQ=D(p)=2953-24p, p> 0 Let the market supply of widgets be given by: Q=S(p)=-5+10PQ=S(p)=D5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the numb of widgets demanded and supplied at a given price. 1- What is the equilibrium price? Please round your answer to the nearest hundredth. 2- What is the equilibrium quantity? 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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