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Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
Quantity
Price
Demanded
Supplied
60
22
14
80
20
16
100
18
120
a. Calculate the price elasticity of demand at the prices 80, and 100.
b. Calculate the price elasticity of supply at the prices 80, and 100.
c. What is the equilibrium price and quantity? Explain.
d. If there government were to set the price at 80, describe the impact on the market.
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