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What is the price elasticity of supply

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Reference no: EM132968234

Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=2657-22p, p > 0

Let the market supply of widgets be given by:

Q=S(p)=-3+6p, p > 0

where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price.

Problem 1: What is the price elasticity of demand (include negative sign if negative)?

Problem 2: What is the price elasticity of supply?

Reference no: EM132968234

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