Question: A. Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=115113p Q=D(p)=1151-13p, p > 0 Let the market supply of

A.

Assume that the demand curve D(p) given below is the market demand for widgets:

Q=D(p)=115113p

Q=D(p)=1151-13p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=4+8p

Q=S(p)=-4+8p, 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 total revenue at equilibrium?

B.

Assume that the demand curve D(p) given below is the market demand for widgets:

Q=D(p)=146715p

Q=D(p)=1467-15p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=3+6p

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?

*What is the equilibrium quantity?

*What is the consumer surplus at equilibrium?

*What is the producer surplus at equilibrium?

*What is the unmet demand at equilibrium?

C.

Assume that the demand curve D(p) given below is the market demand for widgets:

Q=D(p)=269423p

Q=D(p)=2694-23p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=3+6p

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?

*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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