Suppose the market demand curve for a product is given by Qd = 500 −50P and the market supply curve is given by Qs = −50 + 25P.   1. Find the equilibrium price and quantity.  2. What are the forms of the inverse demand curve and supply curve? 3. Sketch the demand and supply curves and show the equilibrium price and quantity. 4. At the market equilibrium, what is the price elasticity of demand? Hint: Find ∂Q/∂P and use in place of (∆Q/∆P) and use equilibrium values of P and Q. Comment on the value of the price elasticity of demand. 5. Suppose the price in this market is $5. What is the amount of excess demand?

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