Illustrate what is the equilibrium price and quantity., Ask an Expert

Economics

Calculating price elasticity of demand.

Suppose the market for widgets can be described by the following equations:

Demand: Q = 90-3P

Supply: Q = 10+P

Where P is the equilibrium price in dollars per unit and Q is the quantity in thousands of units.

Illustrate what is the equilibrium price and quantity. Compute the price elasticity of demand at the equilibrium price and quantity.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M917878

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