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Draw demand and supply on a graph

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Reference no: EM13143466

Suppose the market for HDTV'S in the USA can be expressed by the following demand and supply equations:

Qd = 7500 - 2400PQs = 600P

Where Q is the number of HDTV'S and the price P is in thousands of dollars.

a) draw demand and supply on a graph

b) calculate the equilibrium price and quantity that will prevail in a free market.

c) calculate the price elasticity of demand and the price elasticity of supply at the equilibrium.

Reference no: EM13143466

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