Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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8. The demand and supply functions for two interdependent commodities are given by
Qp, = 100 – 2P, + P,
Op, = 5 + 2P, – 3P,
Os, = -10 + P,
Os, = -5 + 6P,
where Qp, Q, and P, denote the quantity demanded, quantity supplied and price of good
i, respectively. Determine the equilibrium price and quantity for this two-commodity model.
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Transcribed Image Text:8. The demand and supply functions for two interdependent commodities are given by Qp, = 100 – 2P, + P, Op, = 5 + 2P, – 3P, Os, = -10 + P, Os, = -5 + 6P, where Qp, Q, and P, denote the quantity demanded, quantity supplied and price of good i, respectively. Determine the equilibrium price and quantity for this two-commodity model.
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