Solved: Calculate the price elastic of demand and the price, Microeconomics

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Calculate the price elastic of demand and the price

Question - Sahara demand and supply curves for No.2 pencils in are Qd = 100-20P and Qs =10+40P respectively. Given the price of No.2 pencils is $1.50

(a) Calculate the price elastic of demand and the price elasticity of supply when the price increase $2.00

(b) Determine Sahara income elasticity of demand if an increase in her income (from $10,000 to $11,500) doubles her demand for No.2 pencils.

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Microeconomics: Calculate the price elastic of demand and the price

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Microeconomics: Calculate the price elastic of demand and the price

Reference No:- TGS02370070

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