question archive The following represents the demand for widgets: QD = 820 - 7P + 0
The following represents the demand for widgets: QD = 820 - 7P + 0
Subject:MarketingPrice:2.88 Bought5
The following represents the demand for widgets: QD = 820 - 7P + 0.003M + 3PR, where P is the price of widgets, M is income, and PR is the price of a related good, the wodget.
Supply of widgets is determined by QS = -20 + 4P.
Assume that M = $45,000 and PR = $5.00. What is the equilibrium price of widgets?
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