## 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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