Given below are the demand and supply functions for three interdependent commodities Qd1 = 40 – 2P1 + 3P2 – 4P3 Qs1 = P1 – 10 Qd2 = 16 + 3P1 – 3P2 + 2P3 Qs2 = –4 + P2 Qd3 = 25 – 3P1 + 3P2 – 2P3 Qs3 = P3 – 5 a. Determine the equilibrium prices and quantities for the three commodity Market model. b. Compute the price and cross elasticities of demand for all three markets and interpret their coefficients.

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