Problem
In a certain market demand is
Q = 2000 - 100P,
cannot produce more than 10 units. No other sellers may enter the market.
a. Draw the demand and supply curves and find the equilibrium price, quantity, and profit per producer.
b. [Requires calculus] What is the elasticity of market demand at the equilibrium price and quantity?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.