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demand and supply questions 1. In 2000, demand: Q=1300 - 30P In 2010, supply: Q=950 +50P (1) What's the price elasticity of demand in 2000?

demand and supply questions

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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

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