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Consider the perfectly competitive market for toothbrushes. Market demand is described by the inverse demand function: = 5 0.5. Market supply is described by the

Consider the perfectly competitive market for toothbrushes. Market demand is described by the inverse demand function: = 5 0.5. Market supply is described by the inverse supply function: = 2 + 0.25. a. Determine the equilibrium price and quantity in the market for toothbrushes. b. Calculate the point elasticity of demand at the equilibrium price.

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