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Suppose the market for HDTV'S in the USA can be expressed by the following demand and supply equations: Qd = XXXXXXXXXX2400PQs = 600P Where Q is the number of HDTV'S and the price P is in thousands of...

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Suppose the market for HDTV'S in the USA can be expressed by the following demand and supply equations:
Qd = XXXXXXXXXX2400PQs = 600P
Where Q is the number of HDTV'S and the price P is in thousands of dollars.
a) draw demand and supply on a graph
b) calculate theequilibriumprice and quantity that will prevail in a free market.
c) calculate the price elasticity of demand and the price elasticity of supply at the equilibrium.
Answered Same Day Dec 29, 2021

Solution

Robert answered on Dec 29 2021
112 Votes
Suppose the market for HDTV'S in the USA can be expressed by the following demand and supply equations:
Qd = 7500 - 2400PQs = 600P
Where Q is the number of HDTV'S and the price P is in thousands of dollars.
a) Draw demand and supply on a graph
) calculate the equili
ium price and quantity that will prevail in a free market.
c) Calculate the price elasticity of demand and the price...
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