ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The demand and supply functions of beans
are respectively given as 20QB +15PB-
5PR=6000 and 10QB-15PB=1200. Similarly,
the demand and supply of rice are QR+PR-
PB=250 and 3QR-7PR=710. PB and PR are
prices of beans and rice. QB is demand of
beans and QR is demand of rice. Find the
equilibrium price and quantity of beans and
rice. A rice and beans substitute? Explain your
answer.
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Transcribed Image Text:The demand and supply functions of beans are respectively given as 20QB +15PB- 5PR=6000 and 10QB-15PB=1200. Similarly, the demand and supply of rice are QR+PR- PB=250 and 3QR-7PR=710. PB and PR are prices of beans and rice. QB is demand of beans and QR is demand of rice. Find the equilibrium price and quantity of beans and rice. A rice and beans substitute? Explain your answer.
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