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What is the equilibrium price

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Reference no: EM133066730

Assume that the demand curve D(p) given below is the market demand for widgets:

Q=D(p)=1570-11pQ=D(p)=1570-11p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=-5+10pQ=S(p)=-5+10p, 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.

  • 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 consumer surplus at equilibrium?
  • Please round the intercept to the nearest tenth and round your answer to the nearest integer.What is the producer surplus at equilibrium?
  • Please round the intercept to the nearest tenth and round your answer to the nearest integer.What is the unmet demand at equilibrium?
  • Please round your answer to the nearest integer.

Reference no: EM133066730

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