Calculate the equilibrium price and quantity

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The market demand and supply functions for pizza are:  QD = 25,000 - 1,500and QS = 2,500P - 15,000.

  1. Calculate the equilibrium price and quantity that will prevail under a completely free market.
  2. Calculate the price elasticities of supply and demand at the equilibrium values.
  3. Calculate the consumer surplus in the market for pizza.

Reference no: EM131499207

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