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.
in Word Problem Answers by

Your answer

Your name to display (optional):
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

1 Answer

At equilibrium demand=supply: 250-3P=2P-50, 300=5P, P, the price=60. Demand and supply become 70.
by Top Rated User (616k points)

Related questions

1 answer
Welcome to MathHomeworkAnswers.org, where students, teachers and math enthusiasts can ask and answer any math question. Get help and answers to any math problem including algebra, trigonometry, geometry, calculus, trigonometry, fractions, solving expression, simplifying expressions and more. Get answers to math questions. Help is always 100% free!
82,283 questions
86,801 answers
3,646 users