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Calculation of market clearing price, quantity, elasticity of demand and supply

Suppose the demand and Supply for CD players are given by:

QD = 36 - 2P
QS = 16+ 1P

Find the market clearing price and quantity. Illustrate what are the price elasticity of demand and supply at this price and quantity?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917152

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