Find the equilibrium price and equilibrium quantity for the three substitute goods below. Market 1: Market 2: Market 3: Qd1 = 40 – 2P1 + P2 + P3 Qd2 = 36 - P1 + 3P2 + 5P3 Qd3 = 30 - 4P1 + 2P2 + 3P3 Qs1 = -10 + 6P1 Qs2 = -12 + 5P2 Qs3 = -5 + 5P3 %3D a. Using elimination method, find P1, P2, and P3. b. What is the Quantity demanded and Quantity supplied in each market?

Find the equilibrium price and equilibrium quantity for the three substitute goods below. Market 1: Market 2: Market 3: Qd1 = 40 – 2P1 + P2 + P3 Qd2 = 36 - P1 + 3P2 + 5P3 Qd3 = 30 - 4P1 + 2P2 + 3P3 Qs1 = -10 + 6P1 Qs2 = -12 + 5P2 Qs3 = -5 + 5P3 %3D a. Using elimination method, find P1, P2, and P3. b. What is the Quantity demanded and Quantity supplied in each market?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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