## Math Problem Statement

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Price Elasticity of Supply

Price Elasticity of Demand

Marginal Cost Function

Differentiation

Perfect Competition

### Formulas

Price Elasticity of Supply (PES) = (∂q/∂P) × (P/q)

Price Elasticity of Demand (PED) = (∂q/∂P) × (P/q)

Marginal Cost Function: MC(q) = 14q

### Theorems

In perfect competition, Price = Marginal Cost

Price elasticity of demand for a fixed expenditure is -1

### Suitable Grade Level

Undergraduate Economics

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