3. Demand and supply cquations for ricc arc given by Demand: 400 – 10P + 24Q = 0 Supply: 100+ 20P – 148Q = 0 Where Q denotes quantity (in 000s tonnes per annum) and P denotes price (in $ per tonne), Use the matrix inverse method to determine the equilibrium price and equilibrium quantity.

3. Demand and supply cquations for ricc arc given by Demand: 400 – 10P + 24Q = 0 Supply: 100+ 20P – 148Q = 0 Where Q denotes quantity (in 000s tonnes per annum) and P denotes price (in $ per tonne), Use the matrix inverse method to determine the equilibrium price and equilibrium quantity.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 20SQ

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Question

3. Dcmand and supply cquations for ricc arc given by
Demand: 400 – 10P + 24Q = 0
Supply: 100 + 20P – 148Q = 0
Where Q denotes quantity (in 000s tonnes per annum) and P denotes price (in $ per
tonne), Use the matrix inverse method to determine the equilibrium price and equilibrium
quantity.

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