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The market demand for cherries is QD = 3120 - 35P and the market supply for...

The market demand for cherries is QD = 3120 - 35P and the market supply for cherries is QS = -15 + 90P, where Q is in thousands of gallons per week and P is price per gallon.

a.What are the market equilibrium price and quantity? Show your work.

b.Would P = 27 cause excess demand or excess supply of cherries? How large of a surplus or shortage would result? Show your work

.c.Calculate the demand choke price for cherries in this market. Show your work.

d.What is the value for the price elasticity of demand for cherries at market equilibrium price? Round to the nearest hundredth. Show your work.

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