ECO2IQA Introduction To Quantitative Analysis

Question:

A consumer has a demand function to purchase a specific product. Qd = 100-10P.

What is the price elasticity of demand for a product with Qd = 100 – 10P?

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The point elasticity cannot be found because it is not given to you.

The inverse supply function to StaubAir vacuum cleaner is: P = 150+2Qs.

If the equilibrium market price is $250 per unit, the producer’s surplus will be $250

Answer:

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