Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supply market function below. The equilibrium condition may be summarized as Qdi = Qsi- %3D Qdi = 24 – 8Pi+2P2 Qs1 = -6+ 12P, Qa2 = 28 + P - 8P2 Qs2 = -6+2P2

Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supply market function below. The equilibrium condition may be summarized as Qdi = Qsi- %3D Qdi = 24 – 8Pi+2P2 Qs1 = -6+ 12P, Qa2 = 28 + P - 8P2 Qs2 = -6+2P2

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.7: Application 7: Why Do Colleges Use Gpa,s Actss, And Sats, For Purposes Of Admission?

Problem 2ST

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Question

Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supply
market function below. The equilibrium condition may be summarized as Qdi = Qsi-
Qdi = 24 – 8P + 2P2
Qs1 = -6+ 12P
Qd2 = 28 + P1 – 8P2
Qs2 = -6 + 2P2

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