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1. Suppose the market for Japanese strawberries is represented by: Supply: Q = 200 + 3P2...

1. Suppose the market for Japanese strawberries is represented by:

Supply: Q = 200 + 3P2 Demand: Q = 1000 – 5P2

a. Find the market equilibrium price and quantity.

b. Calculate the price elasticity of demand for Japanese strawberries when the market is at the equilibrium. Show your steps.

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