Business, 30.10.2019 19:31 tsimm3618

Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows:
price (dollars) demand (millions) supply (millions)

(i)- 60 22 14
(ii)- 80 20 16
(iii)-100 18 18
(iv)-120 16 20
a. calculate the price elasticity of demand when the price is $80 and when the price is $100.
b. calculate the price elasticity of supply when the price is $80 and when the
price is $100.
c. what are the equilibrium price and quantity ?
d. suppose the government sets a price ceiling of $80. will there be a shortage,
and if so, how large will it be ?

Answers: 3

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Consider a competitive market for which the quantities demanded and supplied (per year) at various p...