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Equations of the demand and supply curves

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Reference no: EM132011902

The equations of the demand and supply curves for a product have been reliably estimated as:

Q D = 44 - 2 P

Q S = 3 P - 16

P is measured in $, Q is measured in Kg.

The absolute value of the point elasticity of demand at the equilibrium price and quantity can be estimated as:

A. 0. 60

B. 1.20

C. 2.75

D. 3.33  

Explain your answer.

Reference no: EM132011902

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