Question

p +2P =60 PLEASE TELL me the answer for my tuition test

Answer 1

Answer:

The demand for a product has been estimated to be

Q

d

=

60

−

2

p

, and the supply in the market is given by

Q

s

=

3

p

. Calculate the price elasticity of demand at equilibrium.

Equilibrium:

The elasticity of a good varies along the demand curve. When the price and quantity demanded are taken at the midpoint of the demand curve, the demand is unitary elastic. When the price and quantity demanded are taken on the upper side of the demand curve, the demand becomes more elastic. In contrast, if the demand is taken in the lower portion of the demand curve, the demand becomes more inelastic.

Step-by-step explanation:

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