Consumers do… Show more The widget industry in Springfield

Consumers do… Show more The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don’t differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 %u2013 5Pw + 4 Y %u2013 6Pg And the industry supply curve is given by Qs = +15Pw %u2013 3 Wage Where Pw represents the price of widgets, Pg is the price of gasoline, Y is disposable personal income in Springfield, and Wage is wages paid to workers in widget factories. Currently, Y= $10, Pg = $3, and Wage = $20. Please explain how you get to the answer • Show less

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