1. Solve the following system of equations for x, y, and z. 3x+5yz-12 2x-3y+2z = 22 x+4y-3z = -10 2. The demand and supply functions for three interdependent commodities are Q = 15 P₁+2P2 + P3 Q=9+ P1 P2 P3 Q3=8+2P1 P2 - 4P3 Q = −7+ P1 Q = -4+4P₂ Q3 = -5 + 2P3 Determine the equilibrium prices and quantities for this three-commodity model.
1. Solve the following system of equations for x, y, and z. 3x+5yz-12 2x-3y+2z = 22 x+4y-3z = -10 2. The demand and supply functions for three interdependent commodities are Q = 15 P₁+2P2 + P3 Q=9+ P1 P2 P3 Q3=8+2P1 P2 - 4P3 Q = −7+ P1 Q = -4+4P₂ Q3 = -5 + 2P3 Determine the equilibrium prices and quantities for this three-commodity model.
Chapter6: Demand Relationships Among Goods
Section: Chapter Questions
Problem 6.12P
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Transcribed Image Text:1. Solve the following system of equations for x, y, and z.
3x+5yz-12
2x-3y+2z = 22
x+4y-3z = -10
2. The demand and supply functions for three interdependent commodities are
Q = 15 P₁+2P2 + P3
Q=9+ P1 P2 P3
Q3=8+2P1 P2 - 4P3
Q = −7+ P1
Q = -4+4P₂
Q3 = -5 + 2P3
Determine the equilibrium prices and quantities for this three-commodity model.
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