Given the following market demand and market supply Model Qs = -45 + 8P Qd = 125

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Given the following market demand and market supply Model
Qs = -45 + 8P
Qd = 125 – 2P

i) Find the equilibrium price and quantity
ii) Find price elasticity of demand
iii) Comment about the nature of the good.

Posted Date: Oct 28, 2021 05:47 AM

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Given the following market demand and market supply Model Qs = -45 + 8P Qd = 125

Question:

Expert Answer:

Griven 5 8 Qs Gd 125 28 O At equilibrium Qs Qd 45 8P 125 2P 109 170 P ... View the full answer

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