Question: Assume that the demand curve D ( p ) given below is the market demand for widgets: Q = D ( p ) = 9
Assume that the demand curve given below is the market demand for widgets:
Let the market supply of widgets be given by:
where is the price and is the quantity. The functions and 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.
What is the total revenue at equilibrium?
Please round your answer to the nearest integer.
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