Home / Expert Answers / Economics / assume-that-the-demand-curve-d-p-given-below-is-the-market-demand-for-widgets-q-d-p-1777-pa515

(Solved): Assume that the demand curve D(p) given below is the market demand for widgets: `Q = D(p) = 1777 - ...



Assume that the demand curve D(p) given below is the market demand for widgets: `Q = D(p) = 1777 - 17p`, 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. What is the equilibrium price? Please round your answer to the nearest hundredth. Answer (1 point) Congratulations! 66.00 is correct. What is the equilibrium quantity? Please round your answer to the nearest integer. Answer (1 point) Congratulations! 655 is correct. Show me the Manual solutionShow me the Excel solution Show me all solutions What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) 12,619 is wrong. The correct answer is 12,609. Show me the Manual solutionShow me the Excel solution Show me all solutions What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) 34,070 is wrong. The correct answer is 21,451. Show me the Manual solutionShow me the Excel solution Show me all solutions What is the unmet demand at equilibrium? Please round your answer to the nearest integer.



We have an Answer from Expert

View Expert Answer

Expert Answer


We have an Answer from Expert

Buy This Answer $5

Place Order

We Provide Services Across The Globe