Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1549−11p, p > 0 Let the market su
Posted: Sun Jun 05, 2022 11:49 am
Assume that the demand curve D(p) given below is the market
demand for widgets:
Q=D(p)=1549−11p, p > 0
Let the market supply of widgets be given by:
Q=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.
A.) What is the consumer surplus at equilibrium?
Please round the intercept to the nearest tenth and round your
answer to the nearest integer.
B.) What is the producer surplus at equilibrium? Please
round the intercept to the nearest tenth and round your answer to
the nearest integer.
C.) What is the unmet demand at equilibrium? Please round
your answer to the nearest integer.
demand for widgets:
Q=D(p)=1549−11p, p > 0
Let the market supply of widgets be given by:
Q=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.
A.) What is the consumer surplus at equilibrium?
Please round the intercept to the nearest tenth and round your
answer to the nearest integer.
B.) What is the producer surplus at equilibrium? Please
round the intercept to the nearest tenth and round your answer to
the nearest integer.
C.) What is the unmet demand at equilibrium? Please round
your answer to the nearest integer.