When the price of a commodity is 10 per the quantity demanded and supplied are. 60and 100 units respectively.when the become birr 5per uni;The quantity demanded and supplied are 80 and 50 units respectively.Assuming that the demand and supply equation are linear ;Find the following
A.find demand equation
B.find supply equation
C.Calculate equilibrium quantity and price
D.What will be the price elasticity of demand at equilibrium?
E.What will be the position of the market at price 15 and 25 birr respectively?
Answers
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Explanation:
A.100
B. 75
C. 100
D. 25
E.40
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