The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P
The supply curve for the product is Q=-10+12.5P. Find the original equilibrium price and quantity using the above demand curve. P =___ and Q=___.
Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___ (Round to 2 decimal places) .
Calculate the price elasticity of demand and the price elasticity of supply at the new equilibrium (ie, use demand curve. Price elansiticy of demand is _____. Price elasticity of supply is _____.