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Microeconomics question: Can you please show me how to work out these problems?
I'm not sure how to calculate the percent change with the info given. Thanks in advance for your help.
Demand: Q = 4,000 - 4P
Supply: Q = -200 + P
B) What is the price elasticity of demand at the equilibrium price and quantity?
C) What is the price elasticity of supply at the equilibrium price and quantity?
1 Answer
- not spamLv 41 decade agoFavorite Answer
demand = supply => at equlibrium
find P
B) once you find P, sub P in demand equation
c) once you find P, sub P in supply equation
No percent change, because there is no change
GOOD LUCK WITH YOUR EXAM. :D
