Problem
Suppose that the quantity of steel demanded in France is given by Qs = 100 - 2Ps + 0.5Y + 0.2PA, where Qs is the quantity of steel demanded per year, Ps is the market price of steel, Y is real GDP in France, and PA is the market price of aluminum. In 2011, Ps =10, Y = 40, and PA = 100. How much steel will be demanded in 2011? What is the price elasticity of demand, given market conditions in 2011?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.