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abigmole

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this price, 1 million pounds are sold per year in Small-town, Malaysia.

Suppose that the price elasticity of demand is -5 and the short run

price elasticity of supply is 0.05. Solve for the equations of demand

and supply, assuming that demand and supply are linear.Hi, was given this question to do and I'm lost! Anyone knows how to solve this?

Would greatly appreciate any form of help! Thanks!