What is the point price elasticity of supply

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Reference no: EM1320369

Q. Assume the organization supply also demand for Product A is given by:

Qs = 1,000 + 100 P
Qd = 2,000 + 10 Y - 200Pa

a. Where Qd denotes quantity demanded, Qs denotes quantity supplied, P denotes price also Y denotes every capita income. Illustrate what is the equilibrium price also quantity of Product A if income is 10?

b. Illustrate what is the point price elasticity of supply at the equilibrium quantity?

c. Illustrate what is the new equilibrium quantity also price if every capita income increases to 20?

d. Illustrate what is the point income elasticity of demand at the new equilibrium quantity?

Reference no: EM1320369

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