Question: Assume that the demand curve D ( p ) given below is the market demand for widgets: ` Q = D ( p ) =
Assume that the demand curve Dp given below is the market demand for widgets:
Q Dpp p
Let the market supply of widgets be given by:
Q Spp p
where p is the price and Q is the quantity. The functions Dp and Sp give the number of widgets demanded and supplied at a given price.
What is the equilibrium price?
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What is the equilibrium quantity?
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What is the total revenue at equilibrium?
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