The Demand Curve for Widgets Is Given by

question 108

Essay

The demand curve for Widgets is given by
Q_D = 5800 - 200p + 30p_G
where Q_D is the quantity of widgets demanded,y is the per capita income and p_G is the price of Gizmos.The supply of Widgets is given by:
Q_S = 250p - 1250
a.Solve for the equilibrium price and quantity of widgets in terms of the price of Gizmos.
b.Compute the comparative static derivatives for the changes in the equilibrium price and quantity of Widgets with respect to a change in the price of Gizmos.

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