Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions respectively of an individual buyer and seller respectively for product X. Eq....

Use the market demand on #3 and identify the range of price that will give a/an

D. perfectly elastic demand
E. perfectly inelastic demand

Extracted text: Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions respectively of an individual buyer and seller respectively for product X. Eq. 1 Eq. 2 Qdx = 65,000 – 11.25Px + 15P, – 3.751 + 7.5A Qsx = 7,500 + 14.25Px – 15P, – 3.75C where Px – price of product X; Py – price of product Y; I – average consumer's income; A advertising expenditure; Pz – price of product Z; and C – cost of production. Use the following additional information: the price of a related product, Y, is P41.25; the average consumer's income is P12,000; advertising expenditure is P2,500; the price of product Z is P90; and the cost of production is P1,200. There are 30 identical buyers and 50 identical sellers in the market for product X.