5 A) What is the equilibrium price and quantity? B) Calculate the price elasticity of demand at equilibrium price and quantity. Is the demand elastic…
5 A) What is the equilibrium price and quantity? B) Calculate the price elasticity of demand at equilibrium price and quantity. Is the demand elastic or inelastic at this price and quantity? C) Calculate the price elasticity of supply at equilibrium price and quantity. D) Suppose the government sets a ceiling of $3 for quart organic milk. Will there be a shortage or surplus of organic milk?
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