1. What is the equilibrium price? Please round your answer to the nearest hundredth.
2. What is the equilibrium quantity? Please round your answer to the nearest integer.
3. What is the total revenue at equilibrium? Please round your answer to the nearest integer.

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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. 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.

Answer rating: 100% (QA)

To find the equilibrium price and quantity we need to set the demand equal to ... View the full answer