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Solve for the equilibrium price and quantity

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Reference no: EM132219741

Assume that a competitive market is currently represented by the following supply and demand equations: Qs = P - 20 Qd = 110 - 0.5P

1. Solve for the equilibrium price and quantity.

2. Solve for the price elasticity of demand.

3. Graph the market equilibrium. Fully label the graph.

Reference no: EM132219741

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