Market 3: Qs = 15 + 7P3 Qd = 25 -2P1 + 3P2 - 4P3
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Solution,
Market Clearing Condition
Qd = Qs
Market 1
Market 2
Market 3
110P3 + 9P3 = 144
P3 = 144/119 = 1.21
Price in Market 1 = 4.09
Price in Market 2 = 3.83
Price in Market 3 = 1.21
Suppose market demand andmarket supply are given by Qd = 15 –4P and Qs = -3+2P What are the equilibrium quantity and price in this market? Show your work!!!
5. (22 pts) Consider the three-commodity market model given by: Qi = 16 – 2p1 + 2p2 + P3 and Qi = 2p1 – 7 Q2 = 8+2p1 – P2 – P3 and Q2 = 4p2 – 4 Q% = 4+421 – P2 – 4p3 and Qs = 2p3 – 3 where Q4, Q and pi denote quantity demanded, quantity supplied and price of good i = 1, 2, 3, respectively. (a) What is the relationship among the three goods?...
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#2
Find the equilibrium solution for each of the following
models.
A) Qd=Qs
Qd=3-P^2
Qs=6P-4
B) Qd=Qs
Qd=8-P^2
Qs=P^2-2
Plzzzzzzzzz answer all questions
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