Suppose Qd=14-1/2P and Qs= 1/4P -1 Determine equilibrium price and quantity. Show graphically. If the price...

Question

Question

Suppose Qd=14-1/2*P and Qs= 1/4*P -1
1. Determine equilibrium price and quantity. Show graphically.
2. If the price were $8 what would be the result in the market?
3. What is the elasticity of demand at a price of $8?

Answer 1

Answer #1

Answer 2

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Suppose Qd=14-1/2*P and Qs= 1/4*P -1 Determine equilibrium price and quantity. Show graphically. If the price...