What is the equilibrium quantity, Microeconomics

+44 141 628 6080
[email protected]

What is the equilibrium quantity

Problem

Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=908-11p , 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.

a) What is the equilibrium price?
b) What is the equilibrium quantity?
c) What is the total revenue at equilibrium?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What is the equilibrium quantity

Reference No:- TGS03356185

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

What is the pathophysiology of osteoarthritis

What is the pathophysiology of osteoarthritis, and how does it relate to the patient's symptoms, such as pain and stiffness?

Resources about nursing profession issues in united states

Review resources about nursing profession issues in the United States. Look specifically at the NLN and ANA website resources.

List and define the seven types of elder abuse

List and define the seven types of elder abuse that were identified by the National Center on Elder Abuse (NCEA).

Negative-positive feedback mechanisms in homeostasis

Compare and contrast the operation of negative and positive feedback mechanisms in maintaining homeostasis.

Manifestation of acquired condition or genetic abnormality

Anemia is rarely a disease in itself, but almost always a manifestation of an acquired condition or genetic abnormality.

Describe how the uncertainty in illness theory

Describe how the Uncertainty in Illness Theory (UIT) and Reconceptualized Uncertainty in Illness Theory (RUIT)

What is the big picture of the immune systems role

What is the "big picture" of the immune system's role in maintaining homeostasis? What general principles are involved in the protection provided by the innate

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What is the equilibrium quantity

Reference No:- TGS03356185

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Why in todays society international trade has increased

Q : Which characters or scenes in film did hitchcock use

Q : Describe the hitchcock loved roman polanski chinatown

Q : Problem based on the myth of the sexual athlete

Q : What is the equilibrium quantity

Q : Provide an example or scenario from your personal experience

Q : Why is going to college important to people

Q : Explain the main skills and objectives of leaders

Q : Calculate the payroll for the days worked in month of march