What is the equilibrium price and quantity of martin guitars

Reference no: EM13234988

Suppose you are hired by the Martin guitar company as an economic consultant. You estimate the demand for Martin guitars to be Q = 9,000 - 6P.

a) Suppose the supply of Martin Guitars is given by Q = -3000 +9P. What is the equilibrium price and quantity of Martin guitars?
b) What is the price elasticity of demand at the equilibrium price and quantity?
c) What is the price elasticity of supply at the equilibrium price and quantity?

Reference no: EM13234988

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