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

Q$=$D$($p$)=237219$pQ$=$D$($p$)=2372-19$p$,$ p $>0$

Let the market supply of widgets be given by:

Q$=$S$($p$)=3+6$pQ$=$S$($p$)=-3+6$p$,$ 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?

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What is the equilibrium quantity?

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What is the price elasticity of demand $($include negative sign if negative$)?$

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What is the price elasticity of supply?

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