Question: Calculate the long - run equilibrium price and quantity. Based on the information below, answer the following 2 questions. ( Q 8 - Q 9

Calculate the long-run equilibrium price and quantity.
Based on the information below, answer the following 2 questions. (Q8-Q9) Suppose you estimate the following log-log supply and demand curves.
Log-Log Supply Function: ln(Qt)=a0+a1ln(Pt-5)a2ln(Ct-5)
Log-Log Demand Function: ,ln(Pt)=b0+b1ln(Qt)+b2ln(St)
8. What is the own-price elasticity of supply?
9. What is the demand flexibility?
Calculate the long - run equilibrium price and

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