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Demand function Qd + 20 â?" PSupply Function: Qs = -10 + 2P
Question1. Find the equilibrium price and quantity. Show your work
Question2. Suppose demand function has changed t0o Qd2 = 14-P. What is the new equilibrium price and quantity?
Demonstrate all your work i.e. excel spread sheet, graphs and formulas used
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Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
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