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In the short-run, a competitive market has a Demand function QD = 2277 - 57p and a Supply function QS = 1827 + 33p .

In the short-run, a competitive market has a Demand functionQD = 2277 - 57pand a
Supply functionQS = 1827 + 33p.
i)What is the equilibrium market price and quantity?
ii)In the long run, new firms enter the industry. The Demand function is
unchanged but the Supply function is now QS = 1877 + 43p. What is the new equilibrium market price and quantity?

iii) What is the elasticity of demand for this good? Interpret your answer.

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