APFIVE Price Elasticity and Market Equilibrium
In the market for concert tickets, when price is $20 below equilibrium, the quantity demanded exceeds quantity supplied by 5,000 tickets. If the price elasticity of demand is 0.5 and the price elasticity of supply is 1.5, what is the equilibrium price?
A
$80
B
$50
C
$100
D
$120
Question Leaderboard
| Rank | |||||
|---|---|---|---|---|---|
| #1 | lvanhui20230312 | 1 | 1 | 0m 00s | 100 |
| #2 | marlimethods | 1 | 1 | 0m 00s | 100 |
| #3 | eleanorpark | 0 | 1 | 0m 00s | -10 |
| #4 | mateozoretic | 0 | 3 | 0m 02s | -32 |
Items per page:
10
1 – 4 of 4