Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supply market functions below. The equilibrium condition may be summarized as Qdi = Qsi. Qd1 = 24 − 8P1 + 2P2 Qs1 = −6 + 12P1 Qd2 = 28 + P1 − 8P2 Qs2 = −6 + 2P2 Show all working.

Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supply market functions below. The equilibrium condition may be summarized as Qdi = Qsi. Qd1 = 24 − 8P1 + 2P2 Qs1 = −6 + 12P1 Qd2 = 28 + P1 − 8P2 Qs2 = −6 + 2P2 Show all working.

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 functions below. The equilibrium condition may be summarized as Qdi = Qsi.

Qd₁ = 24 − 8P₁ + 2P₂
Qs₁ = −6 + 12P₁
Qd₂ = 28 + P₁ − 8P₂
Qs₂ = −6 + 2P₂

_{Show all working.}

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