Given demand curve for Silvana Chocolates Company ( SCC ) QD = 10,000 - 25P. e....

Given demand curve for Silvana Chocolates Company ( SCC )
QD = 10,000 - 25P.

e. Suppose that the price of SCC rose to P = $250.What would be the new point-price elasticity of demand? What is total revenue at this price? What is marginal revenue at this price?
f. Suppose that the supply Curve of SCC is given by the equation QS = -5,000 + 50P.What is the relationship between quantity supplied and quantity demanded at a price of $300?
g. In this market, what is the equilibrium price and quantity?

Expert Solution

Rahul Sunny answered 2 years ago

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