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 ?

the correct answer is:

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the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.

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