In October 2021, the daily demand for hotel rooms on Manhattan Island in New York is given by the equation Qd = 1,600 – 125P. The daily supply of hotel rooms on Manhattan Island is given by the equation QS Qs = 440 + 165P. Calculate the Equilibrium price and quantity, Price Elasticities of Supply (PES), and Price Elasticity of Demand (PED) at the equilibrium values for the hotel rooms on Manhattan Island? O a. Equilibrium price is $4, Equilibrium quantity is 1100, PES is -0.60, PED is -0.45 O b. Equilibrium price is $4, Equilibrium quantity is 1100, PES is 0.60, PED is -0.55 O c. No correct answers O d. Equilibrium price is $5, Equilibrium quantity is 1000, PES is -0.60, PED is 0.45

In October 2021, the daily demand for hotel rooms on Manhattan Island in New York is given by the equation Qd = 1,600 – 125P. The daily supply of hotel rooms on Manhattan Island is given by the equation QS Qs = 440 + 165P. Calculate the Equilibrium price and quantity, Price Elasticities of Supply (PES), and Price Elasticity of Demand (PED) at the equilibrium values for the hotel rooms on Manhattan Island? O a. Equilibrium price is $4, Equilibrium quantity is 1100, PES is -0.60, PED is -0.45 O b. Equilibrium price is $4, Equilibrium quantity is 1100, PES is 0.60, PED is -0.55 O c. No correct answers O d. Equilibrium price is $5, Equilibrium quantity is 1000, PES is -0.60, PED is 0.45

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In October 2021, the daily demand for hotel rooms on Manhattan Island in New York is given by the equation Qd = 1,600 - 125P.
The daily supply of hotel rooms on Manhattan Island is given by the equation QS Qs = 440 + 165P. Calculate the Equilibrium price
and quantity, Price Elasticities of Supply (PESs), and Price Elasticity of Demand (PED) at the equilibrium values for the hotel rooms
on Manhattan Island?
O a. Equilibrium price is $4, Equilibrium quantity is 1100, PES is -0.60, PED is -0.45
O b. Equilibrium price is $4, Equilibrium quantity is 1100, PES is 0.60, PED is -0.55
O c. No correct answers
O d. Equilibrium price is $5, Equilibrium quantity is 1000, PES is -0.60, PED is 0.45

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