The supply curve for televisions is given by QS=−20+4� where QS represents the quantity of televisions supplied and P is the price of televisions. The market demand for televisions is given by QD=400−10� where QD is the demand for televisions. Find the equilibrium price and quantity of televisions.  b. Using the equations in part (a), calculate the price elasticity of demand for televisions when price changes to $25. c. Describe what will occur if price falls fellow equilibrium price calculated in part (a). How will this situation will be corrected?

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