A.find the price elasticity of demand at the equilibrium points? quantity demand=72-8p and quantity supply=-24 +24p. B.substitutes the equation.

Question

asked Jul 22, 2022 39.4k views

1 Answer

DaveD · Answer 1 · 2022-07-29T03:44:57+0000

Answer:

p = 3

Explanation:

The price elasticity of demand at the equilibrium points occurs when quantity demand equals quantity supply.

So,

72-8p= -24 +24p

Taking like terms together,

72+24 = 24p+8p

96 = 32p

p = 3

Hence, the price elasticity of demand is at p = 3.