Calculate the elasticity of demand and elasticity of supply

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Reference no: EM13244596

Suppose the supply and demand equations for market ofrice in year 2009 are:

Qs=1500+200P

Qd = 3000 -210P

A. Calculate the equilibrium price and equilibrium quantity of rice for 2009.

B. Calculate the elasticity of demand and elasticity of supply; what do you conclude from these answers whether these are elastic orinelastic.

Reference no: EM13244596

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