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5. Suppose the market for grass seed can be expressed as follows. Demand: QD = 100 - 2p Supply: QS = 3p At the market

5. Suppose the market for grass seed can be expressed as follows.

Demand: QD = 100 - 2p

Supply: QS = 3p

At the market equilibrium, calculate the price elasticities of supply and demand? What would happen with the quantity demanded if price reach to 30? Price reach to 50?

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