Question: Given these schedule for the supply and demand for widgets, derive the demand equation, supply equation, equilibrium price and equilibrium quantity. Demand equation: p Qd

Given these schedule for the supply and demand for widgets, derive the demand equation, supply equation, equilibrium price and equilibrium quantity.

Demand equation: p Qd p Qs

Alpha ---> -------------- 1 465 1 0

Beta ---> --------------- 2 440 2 0

Supply equation: 3 415 3 15

Alpha ---> ------------- 4 390 4 30

Beta --->-------------- 5 365 5 45

Equilibrium Price ---> ---------

Equilibrium Quantity --->----------

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