Basic Economic Concepts and Principles
September 1st, 2022
Elasticity of Demand curve
If the market demand curve is Q=100-p. What is the market price elasticity of demand? If the supply curve of individual firms is q=p and there are 50 identical firms in the market, draw the residual demand facing any one firm. What is the residual demand elasticity facing one firm at the competitive equilibrium?
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