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1. (8) Given a demand equation in 2020 for oak chairs of the form P = 900 - 0.03Q, (P=price of chairs and Q=quantity of chairs) answer the following questions. a. At what quantity will the demand for chairs be fully satiated? What is the demand elasticity at that quantity? b. In 2021 there were 20,000 chairs sold. What was the demand elasticity at that level of sales and s demand elastic or inelastic at this value? c. In 2021, the quantity of chairs sold increased to 25,000 at a price of $150. Was the change a result of a supply shift or a demand shift? What is the arc elasticity of this change? d. Why might you be more likely to calculate the arc demand elasticity for a market than the point elasticity?1. (8) Given a demand equation in 2020 for oak chairs of the form P = 900 - 0.03Q, (P=price of chairs and Q=quantity of chairs) answer the following questions. a. At what quantity will the demand for chairs be fully satiated? What is the demand elasticity at that quantity? b. In 2021 there were 20,000 chairs sold. What was the demand elasticity at that level of sales and s demand elastic or inelastic at this value? c. In 2021, the quantity of chairs sold increased to 25,000 at a price of $150. Was the change a result of a supply shift or a demand shift? What is the arc elasticity of this change? d. Why might you be more likely to calculate the arc demand elasticity for a market than the point elasticity