Hi I solved this question by mathematically and did the calculation but I need to interpret and explain:

. The U.S. Department of Agriculture (USDA) is interested in analyzing the domestic market for corn. The USDA's staff economists estimate the following equations for the demand and supply curves: Qd = 1,600 - 125P Qs = 440 + 165P Quantities are measured in millions of bushels; prices are measured in dollars per bushel.

. Calculate and interpret the price elasticises of supply and demand at the equilibrium values.

Answer- For the own price Elasticity of Demand E= -125 4/1100= -0.45

For the own price Elasticity of Supply= 165 4/1100= 0.60

Explainantion and interpretation is required by relating to the question: