Referring to the following data, answer the following questions. The pencil market is characterized by the following supply and demand functions: QO = 36P Qd = 160-4P Where Q = number of boxes of pencils P = price of a box of pencils. What is the balance quantity in the market? Calculate the price elasticity of demand at the point of equilibrium. Calculate the consumer surplus at the equilibrium point.
Referring to the following data, answer the following questions. The pencil market is characterized by the following supply and demand functions: QO = 36P Qd = 160-4P Where Q = number of boxes of pencils P = price of a box of pencils. What is the balance quantity in the market? Calculate the price elasticity of demand at the point of equilibrium. Calculate the consumer surplus at the equilibrium point.
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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