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2. Consider the following demand and supply relationships in the market for golf balls: Qd=90‐2Pg‐2Pt and...

2. Consider the following demand and supply relationships in the market for golf balls:

Qd=90‐2Pg‐2Pt and Qs = ‐9+5Pg ‐2.5Pr where Pg is the price of golf balls, Pt is the price of titanium (a metal used to make golf clubs), and Pr is the price of rubber. If Pr = 2 and Pt = 10, calculate the equilibrium price and quantity of golf balls.  Draw the supply and demand curves. Include in your drawing all relevant intercepts and both slopes of each curve.

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