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Suppose the demand for orange is Q D = 500 - 10P and the supply for orange is Q S = 10 + 20P. a.

Suppose the demand for orange is Q_D= 500 - 10P and the supply for orange is Q_S= 10 + 20P.

a. Graph the supply and demand (price in y-axis and quantity in x-axis).

b. What is the equilibrium price and quantity in the market of orange?

c. What is the price elasticity of demand at the equilibrium? Is the demand elastic at this point?

d. What is theprice elasticity of supply at the equilibrium? Is the supply elastic at this point?

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