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ECON Final Tomorrow, PLEASE Help.?
Given: Demand : Q=9000-6P
Supply: Q=-3000+9P
A.) Find equilibrium price and quantity.
I have calculated this to be P= $800 and Q= 4,200
Could you please show me how to work out B and C
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?
Thank you so much! Anjaree, I truly do appreciate your help. Take care, Kate
1 Answer
- Anonymous1 decade agoFavorite Answer
A. Demand =Supply, 9000-6P= -3000+9P
P=12,000/15=800
Q=9,000-6x800=4,200.
B. Elasticity= dQ/dP x P/Q= -6x800/4200= -1.143, elastic.
C.Elasticity= 9 x 800/4200= +1.714, elastic
Source(s): Anjaree