Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows:
price (dollars) demand (millions) supply (millions)

(i)- 60 22 14
(ii)- 80 20 16
(iii)-100 18 18
(iv)-120 16 20
a. calculate the price elasticity of demand when the price is $80 and when the price is $100.
b. calculate the price elasticity of supply when the price is $80 and when the
price is $100.
c. what are the equilibrium price and quantity ?
d. suppose the government sets a price ceiling of $80. will there be a shortage,
and if so, how large will it be ?

About 20 years ago, sturdy light, inc., produced a sturdy, lightweight backpack in a market that was rapidly growing. sturdy light became a leader in this market. eventually, the backpack market reached the maturity stage and slowed down. however, by this time, sturdy light had developed a strong brand name and continued to steadily lead the market. which of the following describes this scenario? a. sturdy light was a star that developed into a cash cow. b. sturdy light was a question mark that developed into a star. c. sturdy light was a dog that developed into a question mark. d. sturdy light was a cash cow that developed into a star.