Mathematics, 23.12.2021 07:00, straightbarz5916

Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=778−9p, p > 0

Let the market supply of widgets be given by:

Q=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.

What is the equilibrium price?
What is the equilibrium quantity?
What is the total revenue at equilibrium?

Answers: 2

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