The equations below give the demand and supply of green vegetable.
Demand: QD=9−3/2P AND Supply: QS=6+3/P a. Calculate the equilibrium price and quantity.
b. Find the price elasticity of demand at the equilibrium found in "a". Is the demand elastic/ inelastic, etc.? Explain.
c. Graph the supply and demand curves. Label your graph and show all critical points.
d. Calculate the marginal benefit of buying this good.
e. Calculate the total cost of producing this good.