What are the values of P1,P2,Q1,Q2 given the two commodity demand and supply model: Qd1=18−3P1+P2 Qs1=−2+4P1 Qd2=12+P1−2P2 Qs2=−2+3P2

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 12P
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What are the values of P1,P2,Q1,Q2 given the two commodity demand and supply model:

Qd1=18−3P1+P2

Qs1=−2+4P1

Qd2=12+P1−2P2

Qs2=−2+3P2

 

Select one:
a. Pi ~ $3.59, P2 ~ $1.86, Q1 ~ 16.32, Q2 ~ 1.18
O b. P ~ $3.47, P2 ~ $3.09, Q1 ~ 11.4, Q2 ~ 7.32
O . P - $3.35, P2 ~ $3.47, Q1 ~ 11.4, Q2 - 8.41
O d. P - $2.14, P2 ~ $3.47, Q1 ~ 11.4, Q2 ~ 16.32
Transcribed Image Text:Select one: a. Pi ~ $3.59, P2 ~ $1.86, Q1 ~ 16.32, Q2 ~ 1.18 O b. P ~ $3.47, P2 ~ $3.09, Q1 ~ 11.4, Q2 ~ 7.32 O . P - $3.35, P2 ~ $3.47, Q1 ~ 11.4, Q2 - 8.41 O d. P - $2.14, P2 ~ $3.47, Q1 ~ 11.4, Q2 ~ 16.32
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