The market demand and supply functions for pizza areqd 25, Microeconomics

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The market demand and supply functions for pizza areqd 25

Question: The market demand and supply functions for pizza are:Q_D = 25, 000 - 1, 500P and Q_S = 2, 500P - 15, 000.

a. Calculate the equilibrium price and quantity that will prevail under a completely free market.

b. Calculate the price elasticities of supply and demand at the equilibrium values.

c. Calculate the consumer surplus in the market for pizza.

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