Is demand price elastic or inelastic for this good

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Consider the following demand and supply functions: Qd = 200 - 4P and Qs = P. a. Graph the supply and demand functions in the typical manner with price (P) on the Y-axis and quantity on the X-axis, showing their intercepts. b. What is the slope of each line? c. What is the equilibrium price and quantity? d. Calculate the consumer surplus and shade the consumer surplus area on the graph. e. Calculate the producer surplus and shade the producer surplus area on the graph. f. Calculate the price elasticity of demand for a $10 increase in price from the initial equilibrium price. Is demand price elastic or inelastic for this good?

Reference no: EM131424773

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