Question: Table below contains data for the demand for a box of blueberries in two different markets. Market 1 Market 2 Quantity Quantity Quantity Quantity Price

Table below contains data for the demand for a box of blueberries in two different markets. Market 1 Market 2 Quantity Quantity Quantity Quantity Price Supplied Demanded Supplied Demanded $9.00 560 560 660 540 8.50 620 570 620 560 8.00 580 580 580 680 7.50 540 590 540 600 7.00 500 600 500 620 6.50 460 610 640 a) What is the equilibrium price and quantity in each market? Round your answers to 2 decimal places. Market 1 price: $ Quantity: Market 2 price: $ Quantity: b) What is the total revenue earned by suppliers in each market? Market 1: $ Market 2: $ Now, assume that government has imposed a quota of 560 in both markets. c) In which market would the blueberry growers be happier? (Click to select) v d) In which market is the price elasticity of demand more inelastic? (Click to select) v

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