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Calculate the elasticity of demand and elasticity of supply

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Reference no: EM13324276

Question 01:Suppose for market of wheat the supply and demand equations in year 2010 are:

Qd = 850 – 25P

Qs =500 + 45P

A. Calculate the equilibrium price and equilibrium quantity of wheat for 2010.

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

Reference no: EM13324276

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