Question

Q1. Given the following values Ed = -0.05 Es = 0.05 P*= 50 Q* = 35

a.Interpret the elasticities of demand and supply.

b.Find the appropriate demand and supply functions.

c.Indicate the market equilibrium graphically.

d.What should be the steepness/flatness of both the curves on the basis of elasticity values?

Answer 1

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