Consider a perfectly competitive market described by the demand function P = 60 - 0.3Q and supply function P = 10 + 0.2Q. Using the standard formula (versus the mid-point formula) for calculating elasticities, it may be concluded that at the equilibrium price and quantity:
a) ED = -0.09 and ES = 0.66
b) ED = -0.09 and ES = 1.5
c) ED = -1 and ES = 0.66
d) ED = -1 and ES = 1.5
e) ED = -1.6 and ES = 1.8
f) ED = -2.2 and ES = 1.8
Please Show all Steps: need this to study for test.