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Estimate the price elasticity of demand and price elasticity of supply.

Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:

 

Quantity

Quantity

Price

Demanded

Supplied

60

22

14

80

20

16

100

18

18

120

16

20

a)   Compute the price elasticity of demand at the prices 80, and 100.

b)   Compute the price elasticity of supply at the prices 80, and 100.

c)    Illustrate what is the equilibrium price and quantity? describe.

d)   If there government were to set the price at 80, Discuss the impact on the market.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917474

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