SUPPLY AND DEMAND

The supply and demand curves for a new product created by Widgetbin, Inc are shown in the graph below.





















Part A
What is the equilibrium price for the new product?



Part B
At a price of $2.50 per unit, what will be the approximate difference in quantity of the product in terms of the supply and demand? What will Widgetbin do in response to this?



Part C
At a price of $6.00 per unit, what will be the approximate difference in quantity of the product in terms of the supply and demand? What will Widgetbin do in response to this?