microeconomic

Suppose the demand curve for a product is given by Q = 300 2P + 41, where I is average income measured in thousands of dollars. The supply curve is Q = 3P 50. a. IfJT = 25, nd the market-clearing price and quantity for the product. b. IflT = 50, find the market-clearing price and quantity for the product. c. Draw a graph to illustrate your answers. satiation-03: Consider a competitive market for which the quantities demanded and supplied [per year) at various prices are given as follows: m (Millions) [Millions] 60 22 14 80 2O 16 100 18 18 120 16 20 Calculate the price elasticity of demand when the price is $80 and when the price is $100. Calculate the price elasticity of supply when the price is $30 and when the price is $100. What are the equilibrium price and quantity? Suppose the government sets a price ceiling of $80. Will there be a shortage, and if so, how large will it be? 9-957!\