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Calculate the equilibrium price and quantity

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Reference no: EM131095248

The following formulas represent the demand and supply curves for corn:

QD = 1,600 - 125P
QS = 440 + 165P

  1. Calculate the equilibrium price and quantity in this market and illustrate this graphically.
  2. Calculate the price elasticity of demand at the equilibrium. Is this elastic or inelastic?
  3. Calculate the price elasticity of supply at the equilibrium. Is this elastic or inelastic?
  4. Suppose the government sets a price floor of $4.50 in this market. What is the quantity supplied at that price? What is the quantity demanded? Is this a shortage or a surplus? How big is it?
  5. Illustrate this graphically.

Reference no: EM131095248

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