Calculate equilibrium price and equilibrium quantity of rice

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Reference no: EM13244592

Semester "Spring 2010"
"Microeconomics (ECO402)"
Assignment No.01 Marks: 20
Question 01:
Suppose the supply and demand equations for market of rice in year2009 are:
Qs =1500+200P
Qd = 3000 - 210P

A. Calculate the equilibrium price and equilibrium quantity of ricefor 2009.
B. Calculate the elasticity of demand and elasticity of supply;what do you conclude from these answers whether these are elastic orinelastic.
(Marks = 4+6)

Reference no: EM13244592

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