In the late 1990s, the Food and Drug Administration (FDA) estimated that approximately 25 percent of the supply of bottled water was nothing more than ordinary tap water. The original market demand and supply functions are: QD = -100P+1,150 and QS = 400 P-100 a. [0.50 point] Solve for the equilibrium price and quantity of bottled water in this market. b. [1 point] Calculate the price elasticity of demand at this original point. c. [1 point] Why might the marginal costs of bottle water be "too low" in this situation?