In Rivendell live the finest jewellery making elves. The local demand and supply of jewelleries in Revendell are given by QD = 16 – 3P QS = 5P We assume the market in Rivendell is perfectly competitive. The jewelleries are highly desired by men, and the price is PW=3 in human society. Assume the elves in Rivendell are price takers. 2.1. Calculate the quantity of jewelleries produced at Rivendell, the quantity of jewelleries sold in human society, and the quantity of jewelleries sold at Rivendell.

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