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The inverse demand and supply functions for a commodity are given bypx=-1/4qx+25/4 and qx=2px-5 respectively 1,determine the equilibrium price and quantity. 2,determine the price elasticity of demand at the equilibrium. 3,what is the state of the market at the price level px=4.
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The inverse demand and supply functions for a commodity are given bypx=-1/4qx+25/4 and qx=2px-5 resp...
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