Question

Q1. Suppose that you have the following demand and supply curve for sneakers:
Qd = 400 – 3P
Qs = 200 + 2P
a) Solve the equilibrium price and quantity.
b) Calculate consumer expenditures on sneakers.
c) Calculate the elasticity of demand at the equilibrium found in (a).

Answer 1

Answer:

Qd-400 -3c

Qs-200-2s

Explanation:

a) 288

b)