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2. GivenMarket DemandQd = 25 - P, and( 3 Point) Market SupplyP = Qs+ 10 A)Calculate the market equilibrium price and quantity? B)What would be

2. GivenMarket DemandQd = 25 - P, and(3 Point)

Market SupplyP = Qs+ 10

A)Calculate the market equilibrium price and quantity?

B)What would be the state of the market if market price was fixed at Birr 25 per unit?

C)Find and interpret price elasticity of demand at the equilibrium point.

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