Business, 31.08.2021 14:00 daniecott

Exercise 1: Suppose there is a market demand function for good X as: = -2PX + 10 Questions:
Draw the market demand curve for good X
Evaluate the demand elasticity for the price at various points of this demand curve having prices of P = 5; P = 4; P = 2,5; P = 1 và P = 0.
Give some comments on relationship between the X'sprice and one's demand elasticity for the price demand elasticity for the price.
2) Suppose there are market supply and demand functions of good X as: S + + + + The market supply function of X: Q = 4P - 2
+ The market demand function of X: Q = -2P + 10
Question:
a. Define the equilibrium price and quantity of the market
b. Evaluate the market supply and demand elasticity at the equilibrium point

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Exercise 1: Suppose there is a market demand function for good X as: = -2PX + 10 Questions:
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