Assume that the demand curve D(p) given is the market demand for widgets: Q=D(p)=1549−11p, p > 0 Let the market supply o
Posted: Sun Jun 05, 2022 11:57 am
Assume that the demand curve D(p) given 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.
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.