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1. In 2000demandQ = 1300-30P In 2010supplyQ = 950 + 50P1what's the price elasticity of demand in 20002What's the price elasticity of supply in 20103If

1. In 2000demandQ = 1300-30P In 2010supplyQ = 950 + 50P1what's the price elasticity of demand in 20002What's the price elasticity of supply in 20103If supply curve in 2000 is Q = 800 + 60P and demand curve in 2010 is Q = 1100-40Phow much did the equilibrium price change from 2000 to 2010Increase or decrease 2. Deriving the supply and demand curve with market dataThe relevant data areQ * = 48 P * = 3 Es = 6 Ed = -4

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1. In 2000, demand: Q=1300 - 30P In 2010, supply: Q=950 +50P (1) What's the price elasticity of demand in 2000? (2) What's the price elasticity of supply in 2010? (3) If supply curve in 2000 is Q=800 + 60P and demand curve in 2010 is Q=1100 - 40P, how much did the equilibrium price change from 2000 to 2010? Increase or decrease? 2. Deriving the supply and demand curve with market data. The relevant data are: Q* = 48 P* = 3 Es = 6 Ed =-4

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