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30 2. (20) Qd = 75-1P 65 45 55 QS = 25 + 1P 60 a. Determine the equilibrium price and quantity. 75- 1 (25

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30 2. (20) Qd = 75-1P 65 45 55 QS = 25 + 1P 60 a. Determine the equilibrium price and quantity. 75- 1 (25 ) QS = 25 +1p 75- 25 Qs = 25 + 1 ( 15 ) Qd = 50 Qs = 50 / p= 25 b. Calculate the elasticity of demand AND supply at price = $10. Use the point elasticity calculation. Specify whether the good is elastic, inelastic, or unit elastic

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