The widget industry in springfield is competitive with

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The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by:

Qd = 998 - 5Pw + 4 Y - 6Pg

And the industry supply curve is given by

Qs = +15Pw - 3 Wage

Where Pw represents the price of widgets, Pg is the price of gasoline, Y is disposable personal income in Springfield, and Wage is wages paid to workers in widget factories.

Currently, Y= $10, Pg = $3, and Wage = $20.
What is the market equilibrium price?

Reference no: EM13379277

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