Demand schedule and supply schedule Price Quantity Demanded Quantity Supplied $ 6 68 28 $10 20 40 a)Using the demand schedule below, write down quantity demanded as a function of price. Using the supply schedule below, write down quantity supplied as a function of price. b)Find equilibrium price and equilibrium quantity. c)Find price elasticity of supply when price changes from $6 to $10. Find price elasticity of supply when price changes from $10 to $16.

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 3.6P: (Price Elasticity of Supply) Calculate the price elasticity of supply for each of the following...
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Demand schedule and supply schedule

 

Price Quantity Demanded Quantity Supplied
$ 6 68 28
$10 20 40

a)Using the demand schedule below, write down quantity demanded as a function of price.
Using the supply schedule below, write down quantity supplied as a function of price. 

b)Find equilibrium price and equilibrium quantity.

c)Find price elasticity of supply when price changes from $6 to $10. Find price elasticity of
supply when price changes from $10 to $16.

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