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Problem regarding the demand and supply equations

Assignment Help Macroeconomics
Reference no: EM131077219

Assume the following demand and supply equations: Qd = 1000 - 40P, and Qs = 400 + 20P.

  • Calculate the intercepts and the slopes of the two curves.
  • Calculate the equilibrium price and quantity.
  • Calculate the elasticity at the equilibrium and interpret the answer.

Reference no: EM131077219

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