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Question: i given the demand p 25005q and supply p100 ...

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I. Given the demand P 250-0.5Q and supply P-100 + Q (a) Draw the demand and supply curves, label everything properly (b) Find the initial equilibrium (c) Assume supply changes to P 70 +0.7Q and find the new equilibriu (d) What is the percentage change in revenue between a) and b)? (e) For what (Q, P) is the elasticity of demand equal to -2?

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