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Suppose that the supply and demand for toilet papers are described by thefollowing equations, QD = 20 -2P QS = 2+P 1. The market equilibrium
Suppose that the supply and demand for toilet papers are described by thefollowing equations,
QD = 20 -2P
QS = 2+P
1. The market equilibrium price is closest to:
a.
2
b.
4
c.
6
d.
8
e.
10
Suppose the supply and demand for apartments in Melbourne can beapproximated by the following equations (unit: thousands),
QD =2000-4P
QS= 200+2P
Find the elasticity of demand at the market equilibrium price; it is closest to:
a.
-4
b.
-3.5
c.
-3
d.
-2.5
e.
-2
f.
-1.5
g.
-1
h.
-0.5
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