(Answered) Question - sahara demand and supply curves for no2 pencils

Economics

Question - Sahara demand and supply curves for No.2 pencils in are Qd = 100-20P and Qs =10+40P respectively. Given the price of No.2 pencils is $1.50

(a) Calculate the price elastic of demand and the price elasticity of supply when the price increase $2.00

(b) Determine Sahara income elasticity of demand if an increase in her income (from $10,000 to $11,500) doubles her demand for No.2 pencils.

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Microeconomics, Economics

Category:- Microeconomics
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