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Suppose the equation for quantity demanded is QD =1,000-4P and the equation for quantity supplied is QS =-200+6P. a)What is the equilibrium price and quantity?

Suppose the equation for quantity demanded is QD =1,000-4P

and the equation for quantity supplied is QS =-200+6P.

a)What is the equilibrium price and quantity?

b)What is the elasticity of demand at the equilibrium price and quantity?

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