Consider the following demand and supply relationships in the market for golf balls: Qd = 90 - 2P - 2T and Qs = -9 + 5P - 2.5R, where T is the price of titanium, a metal used to make golf clubs, and R is the price of rubber. a. If R = 2 and T = 10, calculate the equilibrium price and quantity of golf balls. b. At the equilibrium values, calculate the price elasticity of demand and the price elasticity of supply.

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