Solved: In response to a price decrease from 27 to 22 sales, Business Economics

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In response to a price decrease from 27 to 22 sales

1. A local market for clay bricks has weekly demand described by P=1.55-0.008Q and supply described by P=0.32+0.0012Q. Calculate the equilibrium quantity.

2. A local market for clay bricks has weekly demand described by P=1.55-0.008Q and supply described by P=0.32+0.0012Q. Calculate the equilibrium price.

3. In response to a price decrease from $27 to $22, sales quantity increases 13,200 to 14,800. Calculate the absolute value of the price elasticity of demand.

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Business Economics: In response to a price decrease from 27 to 22 sales

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Business Economics: In response to a price decrease from 27 to 22 sales

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