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V. Given: Qd = 850 - (0.5)p Qs = 2P - 50 1. Pe 2. Qe 3. Point Elasticity of demand at Pe 4. Suppose

V. Given: Qd = 850 - (0.5)p Qs = 2P - 50 1. Pe 2. Qe 3. Point Elasticity of demand at Pe 4. Suppose the gov. set the price at $300. This would cause a equal to (Shortage/Surplus) (give amount). 5. Arc elasticity between Pe and $300

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