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14. Let the demand and supply functions for a good be as follows. ƏD ƏD Q, = D(P,t,) < 0, ·>0 Q, = Q, where t, is consumers' taste for the good. Both partial derivatives are continuous. a) Write the equilibrium condition in a single equation.

14. Let the demand and supply functions for a good be as follows. ƏD ƏD Q, = D(P,t,) < 0, ·>0 Q, = Q, where t, is consumers' taste for the good. Both partial derivatives are continuous. a) Write the equilibrium condition in a single equation.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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14. Let the demand and supply functions for a good be as follows. Q, = D(P,t,) ƏD < 0, - > 0 Os = Qs, where is consumers' taste for the good. Both partial derivatives are continuous. to a) Write the equilibrium condition in a single equation. b) Is the implicit-function theorem applicable? c) How would the equilibrium price vary with consumers' taste?
Transcribed Image Text:14. Let the demand and supply functions for a good be as follows. Q, = D(P,t,) ƏD < 0, - > 0 Os = Qs, where is consumers' taste for the good. Both partial derivatives are continuous. to a) Write the equilibrium condition in a single equation. b) Is the implicit-function theorem applicable? c) How would the equilibrium price vary with consumers' taste?
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