Out of the following two functions, one is demand function and the other is the
supply function. Determine, which one is demand function and which one is the
supply function :
P= 100 - x?
x = 2P-10
Where P is price per unit and x is quantity. Also determine the elasticities of
demand and supply at equalibrium price.
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The price elasticity of demand is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price. The price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.
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