Q1) The demand for packs of Pokemon cards is given by the equation QD = 500,000 - 45,000P. Ata price of $2.50 per pack, what is the quantity demanded? At $5.00 per pack, what is the priceelasticity of demand?
Q2) The market for gravel has been estimated to have these supply and demand relationships:
Supply P = 10 + 0.01Q
Demand P = 100 - 0.01Q,
where P represents price per unit in dollars, and Q represents sales per week in tons. Determine the equilibrium price and sales. Determine the amount of shortage or surplus thatwould develop at P = $40/ton.