Calculate intercepts and the slopes of the two curves

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Assume the following demand and supply equations: Qd = 400 - 10P, and Qs = 160 + 5P.

a. Graph the two curves. Calculate the intercepts and the slopes of the two curves.

b. Calculate the equilibrium price and quantity.

c. Calculate the elasticity of demand at the equilibrium and interpret the answer.

Reference no: EM132473147

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