A Steel Supply and Demand for the USA are given by Demand: P = 1200 - 100 (QD) and supply: P = 100 (QS) where QD = quantity demanded and QS = quantity supplied

Compute the price elasticity of demand when the price is $800.

What can you say about the demand?

Compute the price elasticity of demand between $200 and $900.

Is the demand elastic or inelastic?

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Nusrat FatimaLv10

28 Sep 2019

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Chuck, Michael and Hakeem are three retired basketball players. They determine that in Madison there is demand for private basketball coaching. The demand and supply curves for private basketball coaching are Qd = 50 - 0.5 P and QS = P-10 respectively.

(1) Find the equilibrium price and quantity

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Assume that the current demand and supply curves for widgets can be expressed as:
Qd = 200 - 5P and Qs = 50 +10P, respectively, where P denotes the per-unit price of widgets in dollars, Qd is the quantity demanded of widgets in cases per week and Qs is the quantity supplied of widgets in cases per week.

a. the equilibrium quantity is 150 cases per week
b. the equilibrium price is $15
c. at a price of $12 a shortage would occur
d. all of the above
e. none of the above

calculate point price elasticity of demand at a price of 10 dollars. _____

calculate arc price elasticity of demand between a price of $6 and $12. ______