Find point price elasticity of supply-equilibrium quantity, Microeconomics

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Find point price elasticity of supply-equilibrium quantity

Suppose the industry supply and demand for Product A is given by:

Qs = 1,000 + 100 P
Qd = 2,000 + 10 Y - 200Pa

a. Where Qd denotes quantity demanded, Qs denotes quantity supplied, P denotes price and Y denotes per capita income. What is the equilibrium price and quantity of Product A if income is 10?
b. What is the point price elasticity of supply at the equilibrium quantity?
c. What is the new equilibrium quantity and price if per capita income increases to 20?
d. What is the point income elasticity of demand at the new equilibrium quantity?

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Microeconomics: Find point price elasticity of supply-equilibrium quantity

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Microeconomics: Find point price elasticity of supply-equilibrium quantity

Reference No:- TGS069373

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Recent Questions Asked Microeconomics

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Microeconomics: Find point price elasticity of supply-equilibrium quantity

Reference No:- TGS069373

Recent Questions Asked Microeconomics

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