takyiernest398Lv1

13 Feb 2024

suppose we have been given the following: A product has the following market equation, Qd=a-bp and Qs=c+dp. Suppose that Qd is quantity of demand in packets of biscuit. Qs is quantity of supply in packets of biscuit. a"=120; b"=15; c"=-5; d"=10; and p" is the price of the goods. Given the above data, calculate. a. The equillibrium price. b. The equillibrium quantity c. the price at which quantity supplied will be equal to zero d) the point elasticity of demand at the equilibrium price. e) the point elasticity of supply at the equilibrium price.