Question

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

Answer 1

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.