The demand and supply functions for a good are P = 50 - 2Q, and P = 14 + 4Q, respectively.
(a) Calculate the equilibrium price and quantity using Cramer's rule.
(b) Sketch the two functions in a well-labeled diagram, showing the slopes (using calculus), intercepts and equilibrium values.
(e) Using differential calculus, calculate the elasticities of demand and supply at the equilibrium price and quantity.
This posting contains the solution to the given problems.