Question: Consider a market with the following demand and supply functions. Find the equilibrium price and quantity, then calculate the price elasticity of demand and the

Consider a market with the following demand and supply functions. Find
the equilibrium price and quantity, then calculate the price elasticity of demand

Consider a market with the following demand and supply functions. Find the equilibrium price and quantity, then calculate the price elasticity of demand and the price elasticity of supply at the equilibrium. (4 marks) QD = 2,500,000 0.3P Q5 = 500,000 + 0.7P

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