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Consider a competitive market for which the quantities demanded and supplied? (per year) at various prices are given as? follows:
Price? (Dollars) Demand? (Millions) Supply? (Millions)
60 22 14
80 20 16
100 18 18
120 16 20
Calculate the price elasticity of demand when the price is ?$60
The price elasticity of demand is?
Calculate the price elasticity of supply when the price is $80 and when the price is $100.
What are the equilibrium price and quantity?
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