Question: Explain the rationing functioning function of price in correcting market disequilibria. If the demand curve of a firm is Qd = 4200-133p and the supply

Explain the rationing functioning function of price in correcting market disequilibria.

If the demand curve of a firm is Qd = 4200-133p and the supply curve is Q= 2867 + 200P, compute the equilibrium price and quantity.

Compute and interpret the price elasticity of demand and the price elasticity of supply.

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