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  3. 1 this question uses the algebraic method of determining equilibrium...

Question: 1 this question uses the algebraic method of determining equilibrium...

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1. This question uses the algebraic method of determining equilibrium from Appendix 3A. Suppose that the demand and supply for maple syrup is given by the following equations: P-53.25-1.250 Demand Curve - 12.75+0.250 a. Solve for the equilibrium price and quantity. Determine the price elasticity of Supply Curve demand and supply in equilibrium. (10 marks) also graph the equation.

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