The equation for the original demand curve

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The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P

The supply curve for the product is Q=-10+12.5P. Find the original equilibrium price and quantity using the above demand curve. P =___ and Q=___.

Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___ (Round to 2 decimal places).

Calculate the price elasticity of demand and the price elasticity of supply at the new equilibrium (ie, use demand curve. Price elasticity of demand is _____. Price elasticity of supply is _____.

Reference no: EM13868553

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