2) Use substitution to solve for the equlibrium prices in the following two-markets prob- lem: Market 1: Qs1 = Qdı Qs1 -2+2P₁ - P₂ Qa1 126P₁ +3P2 Market 2: Qs2 = Qd2 Qs29-2P₁ + P₂ Qd2=2+2P₁ - P₂ How many solutions does this system have? a) This system does not have a solution. b) This system has a unique solution. c) This system has 2 different solutions. d) This system has a unique solution for the quantities Q₁ and Q2 and infinitely many solutions for the prices P₁ and P₂. e) This system has infinitely many solutions for each of Q₁, Q₂. P₁, and P₂.

2) Use substitution to solve for the equlibrium prices in the following two-markets prob- lem: Market 1: Qs1 = Qdı Qs1 -2+2P₁ - P₂ Qa1 126P₁ +3P2 Market 2: Qs2 = Qd2 Qs29-2P₁ + P₂ Qd2=2+2P₁ - P₂ How many solutions does this system have? a) This system does not have a solution. b) This system has a unique solution. c) This system has 2 different solutions. d) This system has a unique solution for the quantities Q₁ and Q2 and infinitely many solutions for the prices P₁ and P₂. e) This system has infinitely many solutions for each of Q₁, Q₂. P₁, and P₂.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Could someone explain the easy way to find the partial derivative in these problems? Suppose the demand equation is: Q = 120 - 0.75p. What is the price elasticity of demand if the price is $60 per unit and output is 75 units? The price elasticity of demand is (Enter a numeric response using a real number rounded to two decimal places.)
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Urgent Q4 I dont know why i got them wrong
(A) From the Graph HWI-Q1, please construct the direct linear Qs (P) and Qd (P) functions (assuming that the market price is P3 and market quantity is Q1.) Also solve for P* and Q* mathematically. (B) Graph both schedules (that you just built in Problem 1A) and label the market-clearing price and quantity along with their equilibrium point on YOUR OWN graph WITH GREAT CARE! (C) Please fill empty cells for Table HWI-Q1 below -with values for Qs (P), Qd (P), (Qs - Qd) and to indicate whether P moves UP/DOWN/NC (No Change).
Let the following demand and supply equations be respectively:D = 5p ́ ́-4p ́ + 11S = 6p ́ ́-2p ́ + 5p-4Find p (t) with the hypothesis that the market is in equilibrium with the conditionsinitials p (0) = 4 and p ́ (0) = 7