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Let the demand and supply functions for widgets be given by

Let the demand and supply functions for widgets be given by the following: P=200-4.5Qd P=100+20Qs

a) Solve for the market equilibrium price and quantity for widgets

b) Calculate the supply and own-price demand elasticities for widgets

c) Interpret the elasticities in your own words

d) If the price of widgets went up by 20%, what will happen to the quatity.

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Business Economics: Let the demand and supply functions for widgets be given by

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