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28 Sep 2019
Suppose the supply and demand equations for the market of rice in the year 2009 are:
Qs=1500+200P
Qd = 3000 - 210P
A. Calculate the equilibrium price and equilibrium quantity of rice for 2009.
B. Calculate the elasticity of demand and elasticity of supply; what do you
conclude from these answers whether these are elastic or inelastic.
Suppose the supply and demand equations for the market of rice in the year 2009 are:
Qs=1500+200P
Qd = 3000 - 210P
A. Calculate the equilibrium price and equilibrium quantity of rice for 2009.
B. Calculate the elasticity of demand and elasticity of supply; what do you
conclude from these answers whether these are elastic or inelastic.
Chika IlonahLv10
28 Sep 2019