On a farmer’s market in Essex, the demand and supply functions for (a kilogram (kg) of) oranges (1), (a kg of) lemon (2) and (a kg of) nectarines (3) are:
q_1^d=-2p_1-4p_2+2p_3+160,q_1^s=2p_1+80
q_2^d=-4p_1-2p_2+5p_3+200,q_2^s=3p_2+160
q_3^d=2p_1+4p_2-5p_3+300,q_3^s=p_3+90
Use the equilibrium condition q_i^d=q_i^s to rewrite this system in the form Ap=d, where A is a 3×3 matrix of coefficients, p=(■(p_1@p_2@p_3 )), and d is a 3×1 vector. Then, use Cramer’s rule to solve for p_1 and p_3 (ONLY solve for p_1 and p_3!)
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