Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 2941 - 23p, p> 0 |3D %3D Let the market supply of widgets be given by: Q = S(p) = - 4+ 8p, p > 0 %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. 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.

Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 2941 - 23p, p> 0 |3D %3D Let the market supply of widgets be given by: Q = S(p) = - 4+ 8p, p > 0 %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. 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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