The demand for stoves is given by QD=450−20P and the market supply is given by QS = 20 + 100P i. In equilibrium, how many stoves would be sold and at what price?  ii. What would happen if suppliers set the price of stoves at $15? Explain the market adjustment process.  iii. Using the response in part (i), calculate the price elasticity of demand for stoves when price changes to $10

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