Answers
We are are given Qd=Qs=10800 at P=$1
Let the demand curve be
Qd=a+b*P
dQd/dP=b
Price elasticity of demand=(dQd/dP)*(P/Q)=b*(1/10800)=b/10800
We are given price elasticity of demand=-0.60. So,
b/10800=-0.6
b=-0.6*10800 =-6480
So, put b=-6480, Qd=10800, P=1 in demand equation
10800=a-6480*1
a=10800+6480=17280
Demand curve is given by
Qd=17280-6480*P
Let the supply curve be
Qs=c+d*P
dQs/dP=d
Price elasticity of supply=(dQs/dP)*(P/Q)=d*(1/10800)=d/10800
We are given price elasticity of demand=1. So,
d/10800=1
d=10800
So, put b=10800, Qd=10800, P=1 in demand equation
10800=c+10800*1
c=0
Supply curve is given by
Qs=0+10800P
Correct option is
Qd=17280-6480P
Qs=0+10800P
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