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What is the equilibrium quantity

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Reference no: EM133083915

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

Q=D(p)=1671-17pQ=D(p)=1671-17p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=-4+8pQ=S(p)=-4+8p, 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.

A. What is the equilibrium price? Please round your answer to the nearest hundredth.

B. What is the equilibrium quantity? Please round your answer to the nearest integer.

C. What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.

D. What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.

E. What is the unmet demand at equilibrium? Please round your answer to the nearest integer.

Reference no: EM133083915

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