Determine algebraically the equilibrium price and quantity

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Reference no: EM13732333

Suppose that demand and supply for textbooks can be described by the following equations:

Qs=150+2P

Qd=510-P

Where P is price in dollars and Q is the quantity in units.

1. Determine algebraically the equilibrium price and quantity?

2. Suppose that the price to be fixed at $110. Determine algebraically the surplus or shortage that would result?

3. Discuss the differences in elasticity of supply and elasticity of demand?

Reference no: EM13732333

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