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Answer on Economics of Enterprise Question for vanessa

Question #5919

Suppose the equation for demand can be expressed as P=120-1.25Q. The equation for supply can be expressed as p=1.75Q
A. What is the Quantity demanded at a price of $80
b. What is is the price elasticity of demand between the price of $80 and $60
c. Find the equilibrium price and quantity

Expert's answer

A. Qd = (120 - P)/1.25 = (120 - 80)/1.25 = 32
b. Q(80) = 32, Q(60) = 48
E
= (32 - 48)/80*140/(80 - 60) = -16/8*14/20 = -1.4 - demand is elastic
c. Qd =
Qs,
(120 - P)/1.25 = P/1.75,
1.4*(120 - P) = P,
2.4P = 168,
P =
70
Q = 70/1.75 = 40

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