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Solve for the market equilibrium price and quantity

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Reference no: EM131853184

Let the demand and supply functions for widgets be given by the following: P=200-4.5Qd P=100+20Qs 

a) Solve for the market equilibrium price and quantity for widgets

b) Calculate the supply and own-price demand elasticities for widgets 

c) Interpret the elasticities in your own words 

d) If the price of widgets went up by 20%, what will happen to the quatity.

Reference no: EM131853184

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