Suppose that the market demand curve is given by Q = 1000 - 250P and the market
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Question:
Suppose that the market demand curve is given by Q = 1000 - 250P and the market supply curve is given by Q = 150P, where P is the price and Q is the quantity demand per month.
a). What are the equilibrium price and quantity?.
b. Determine the Price elasticity of demand at equilibrium.
c. Determine the total revenue under competition and under monopoly.
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ISBN: 978-0538480871
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Authors: Melissa Barker, Donald I. Barker, Nicholas F. Bormann, Krista E. Neher
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