Mathematics · Market Equilibrium
The demand function for good X is Qd = 120 - 4P and the supply function is Qs = -20 + 6P. Which of the following statements are CORRECT? A. The equilibrium price is P* = 14. B. The equilibrium quantity is Q* = 64. C. The price elasticity of demand at equilibrium is approximately -0.875. D. The price elasticity of supply at equilibrium is approximately 1.3125. E. At P = 10, there is a shortage of 20 units.
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- 1B, C and D only
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A, B, C and D only
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