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Calculate the elasticity of demand and elasticity ofsupply

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Reference no: EM13331004

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 equilibriumquantity of rice for 2009.

B. Calculate the elasticity of demand and elasticity ofsupply; what do you conclude from these answer

Reference no: EM13331004

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