Suppose there are three apples A,B and C being sold and consumed. The demand and supply equations for each type are: DA=20-2PA+4PB+PC        ,      SA=4PA-5 DB=10+3PA-5PB+2PC     ,      SB= 3PB-7 DC=70+4PA+2PB-5PC    ,      SC=5PC-16 a) determine equilibrium Prices and quantities  b) calculate the elasticity of demand for B with respect to Prices of variety A,B and C and interpret the economic meaning of the results

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Q: Suppose there are three types of Apples A, B, and C being sold and consumed. The demand and supply…

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A: 1.

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