Whats the price elasticity of demand at the equilibrium

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Reference no: EM13817171

Demand curve is P=-Q+90 and the supply curve is P=0.5Q

1- Find equilibrium price and quantity

2- What’s the level of total expenditure in the market?

3- What’s the price elasticity of demand at the equilibrium?

4- Calculate consumer surplus

5- If there's a law to prevent you from consuming this good, how much should you be compensated by the government to accept it?

Reference no: EM13817171

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