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9 The demand and supply functions for two interdependent commodities are given by the formulas: Commodity 1: QD₁ = 6 − 4P₁ + 5P2 and Qs₁ = -16+ 2P₁ D1 Commodity 2: QD2 = 3 + 3P₁ - 3P2 and Qs2 = -4+4P2 Determine the equilibrium prices for this two-commodity market model.

9 The demand and supply functions for two interdependent commodities are given by the formulas: Commodity 1: QD₁ = 6 − 4P₁ + 5P2 and Qs₁ = -16+ 2P₁ D1 Commodity 2: QD2 = 3 + 3P₁ - 3P2 and Qs2 = -4+4P2 Determine the equilibrium prices for this two-commodity market model.

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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9 The demand and supply functions for two interdependent commodities are given by the formulas: Commodity 1: QD₁ = 6 − 4P₁ + 5P2 and Qs₁ = -16+ 2P₁ D1 Commodity 2: QD2 = 3 + 3P₁ - 3P2 and Qs2 = -4+4P2 Determine the equilibrium prices for this two-commodity market model.
Transcribed Image Text:9 The demand and supply functions for two interdependent commodities are given by the formulas: Commodity 1: QD₁ = 6 − 4P₁ + 5P2 and Qs₁ = -16+ 2P₁ D1 Commodity 2: QD2 = 3 + 3P₁ - 3P2 and Qs2 = -4+4P2 Determine the equilibrium prices for this two-commodity market model.
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