To find the market equilibrium price and quantity, we need to set the quantity demanded equal to the quantity supplied:

Qd = Qs

12 - 2p = 20p

Rearranging the equation:

22p = 12

p = 12/22

p ≈ 0.545

Now, substitute the equilibrium price back into either the demand or supply function to find the equilibrium quantity:

Qd = 12 - 2(0.545) Qd ≈ 10.91

Therefore, the market equilibrium price is approximately 0.545 and the equilibrium quantity is approximately 10.91.

To calculate the price elasticity of supply at equilibrium, we need to use the formula:

Elasticity of Supply = (% change in quantity supplied) / (% change in price)

Since the supply function is Qs = 20p, we can differentiate it with respect to p to find the elasticity of supply:

dQs/dp = 20

Now, substitute the equilibrium price and quantity into the derivative:

Elasticity of Supply = (20 * 0.545) / (0.545) Elasticity of Supply = 20

Therefore, the price elasticity of supply at equilibrium is 20.