Final answer:
The equilibrium price for the product is $2.50, with an equilibrium quantity of 550,000 units. At this price, there is no surplus or shortage. Without additional data, the exact difference in quantity at a price of $6.00 cannot be determined, but there would likely be a surplus, prompting Widgetbin to adjust price or production.
Step-by-step explanation:
The equilibrium price is the price at which the quantity demanded by consumers and the quantity supplied by producers are equal. Referring to the provided information, the new equilibrium price for the product has fallen from $3.25 to $2.50, and the equilibrium quantity increased from 250,000 to 550,000 units.
At a price of $2.50 per unit, the supply and demand are at equilibrium, therefore there is no difference in quantity. If the price were not at equilibrium, Widgetbin would need to adjust the price to eliminate any surplus or shortage.
At a price of $6.00 per unit, without specific data on the supply and demand curves at that price, we cannot calculate the exact difference in quantity. However, it is likely that at a higher price, the quantity supplied would exceed the quantity demanded, creating a surplus. In response to a surplus, Widgetbin might lower the price to encourage more demand or decrease production to reduce supply.