Question: 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

- 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.
Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p)=762 - 9p, p > 0 Let the market supply of widgets be given by: 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.
Step by Step Solution
3.40 Rating (156 Votes )
There are 3 Steps involved in it
To find the equilibrium price and quantity we need to set the demand equal to ... View full answer
Get step-by-step solutions from verified subject matter experts
