Question
1. (5 marks) Suppose the market for oranges is a competitive market. It is represented by: Q = 6,000 2P3 Q = 4,000 + 8P3
1. (5 marks)
Suppose the market for oranges is a competitive market. It is represented by: Q = 6,000 2P3 Q = 4,000 + 8P3
a. Find the market equilibrium price and quantity. (2 marks)
b. Calculate the price elasticity of demand at equilibrium. (3 marks)
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Econophysics And Financial Economics An Emerging Dialogue
Authors: Franck Jovanovic, Christophe Schinckus
1st Edition
0190205032, 9780190205034
