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Question: please do both of the problems if you can please...

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Ch 2, Problem 2.17 Consider the following demand and supply relationships in the market for golf balls: Q-90-2P-27, and where Tis the price of titanium, a metal used to make golf clubs, and R is the price of rubber. 2 Economics 3070 If R-2 and T= 10, calculate the equilibrium price and quantity of golf balls. a. b. At the equilibrium values, calculate the price elasticity of demand and the price elasticity of supply. At the equilibrium values, calculate the cross-price elasticity of demand for golf balls with respect to the price of titanium. What does the sign of this elasticity tell you about whether golf balls and titanium are substitutes or complements: c.Ch 1, Problem 1.12 Suppose the supply curve for wool is given by where O is the quantity offered for sale when the price is P. Also suppose the demand curve for wool is given by where Qis the quantity of wool demanded when the price is P and the level of income is l. Assume 1 is an exogenous variable. a. Suppose the level of income is I-20. Graph the supply and demand relationships, and indicate the equilibrium levels of price and quantity on your graph. Explain why the market for wool would not be in equilibrium if the price of wool were 18. Explain why the market for wool would not be in equilibrium if the price of wool were 14. b. c. Please do both of the problems if you can please. It would be greatly appreciated. Thank you!

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