Q.3 being sold and consumed. The demand and supply equations for each type are: Suppose there are three types of Apples A, B and C D = 20 – 2P, +4P, + Pc D = 10+ 3P, – 5P, + 2P. S = 3P, - 7 De = 70+...

Extracted text: Q.3 being sold and consumed. The demand and supply equations for each type are: Suppose there are three types of Apples A, B and C D = 20 – 2P, +4P, + Pc D = 10+ 3P, – 5P, + 2P. S = 3P, - 7 De = 70+ 4P, + 2P, – 5P. Se = 5P. – 16 • Determine equilibrium prices and quantities using S, = 4P,-5 %3D Cramer's rule. • 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.