The demand and supply functions of a good in the market are given as follows: Qd = 100 - 3p

Qs =2p-20 Where, Qd is quantity demand, Qs is quantity supply and 'p' is price.

a) Derive the equilibrium price and output in the market and demonstrate the same in a diagram.

[20 marks]

b) Derive the price-elasticity of demand and supply at the equilibrium price and out.

[10 marks]