Suppose demand and supply have constant elasticity equal to, Microeconomics

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Suppose demand and supply have constant elasticity equal to

Question: 1. Suppose demand and supply have constant elasticity equal to 3. What happens to equilibruim price and quantity when the demand increases by 3% and supplu decreases by 3%?

2. Show that elasticity can be expressed as a constant times the change in the log of quantity divided by the change in log of price, Find constant A.

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Microeconomics: Suppose demand and supply have constant elasticity equal to

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Microeconomics: Suppose demand and supply have constant elasticity equal to

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