Calculate the equilibrium price and quantity

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Reference no: EM131239178

Demand and supply equations for the market for gasoline are as follows:

P = 400 -4Qd P = 4Qs

Calculate the equilibrium price and quantity.

Calculate the price elasticity of demand between the range of 200 and 160.

If the price rises in this range, what happens to total revenue?

Calculate the shortage/surplus at a price ceiling of 100. Is there a shortage or surplus at this price?

Reference no: EM131239178

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