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Suppose the market for Japanese strawberries is represented by: Supply: Q = 200 + 3P 2 Demand: Q = 1000-5P 2 Find the market equilibrium

Suppose the market for Japanese strawberries is represented by:

Supply: Q = 200 + 3P2

Demand: Q = 1000-5P2

  1. Find the market equilibrium price and quantity.
  2. Calculate the price elasticity of demand for Japanese strawberries when the market is at the equilibrium. Show your steps.

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