Give typing answer with explanation and conclusion Consider a competitive market in which the quantities demanded and supplied (per year) atvarious prices are given as follows:a.b.Price($)6080100120Demand(millions)2266201816Supply(millions)14161820Calculate the price elasticity of demand when the price is(i) $80(ii) $100Calculate the price elasticity of supply when the price is(i) $80(ii) $100

Elasticity of demand describes the quantity demanded of a product is to changes in its price. If…

Consider a competitive market in which the quantities demanded and supplied (per year) at various prices are given as follows: a. b. Price ($) 60 80 100 120 Demand (millions) 22 20 18 16 Supply (millions) 14 16 18 20 Calculate the price elasticity of demand when the price is (i) $80 (ii) $100 Calculate the price elasticity of supply when the price is (i) $80 (ii) $100