if the demand and supply function of a good are given as Q=250-3P AND Q=2P-50,respectivly ;determine the price elasticity of demand and supply at equlilibrium.
asked Aug 26, 2014 in Word Problem Answers by wendu

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At equilibrium demand=supply: 250-3P=2P-50, 300=5P, P, the price=60. Demand and supply become 70.
answered Oct 10, 2015 by Rod Top Rated User (495,340 points)
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