Answered: Graph the supply and demand curves and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Graph the supply and demand curves and use the midpoint (averages) formula to calculate the respective price elasticities of supply and demand over the price range given. Then determine over what range of prices supply and demand are elastic, unit elastic, or inelastic.

E_s	QS	Price	QD	Ed
	2400	14	0
	2200	12	500
	1900	10	1000
	1500	8	1500
	1000	6	2000
	500	4	2500

Expert Solution

Step 1

As we know that demand and supply curve is downward and upward sloping curve as per law of demand and supply respectively.

and if both curves intersect at certain point then it is a equilibrium.

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