What is the equilibrium price

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Reference no: EM133454298

Questions: Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1337-14p , 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.

- 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: EM133454298

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