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Given Q1 = 150 - 3P1 + P2 + P3 %3D Q2 = 180 + P1 - 4P2 + 2P3 Q3 = 200 + 2P1 + P2 - 5P3 and TC = Q;? + Q;Q2 + 20,2 + Q2Q3 + Q3? + Q,Q3 Find the inverse demand function P = f(Q) and use Cramer's rule to solve for the critical value Q1. Answer in two decimal places. 138.33 X Answer: 27.37 138.33 Use Cramer's rule to solve for the critical value Q2. Answer in two decimal places. 141.39 X Answer: 14.71 141.39

Given Q1 = 150 - 3P1 + P2 + P3 %3D Q2 = 180 + P1 - 4P2 + 2P3 Q3 = 200 + 2P1 + P2 - 5P3 and TC = Q;? + Q;Q2 + 20,2 + Q2Q3 + Q3? + Q,Q3 Find the inverse demand function P = f(Q) and use Cramer's rule to solve for the critical value Q1. Answer in two decimal places. 138.33 X Answer: 27.37 138.33 Use Cramer's rule to solve for the critical value Q2. Answer in two decimal places. 141.39 X Answer: 14.71 141.39

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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Given Q1 = 150 - 3P1 + P2 + P3 Q2 = 180 + P1 - 4P2 + 2P3 Q3 = 200 + 2P; + P2 - 5P3 and TC = Q,2 + Q1Q2 + 2Q22 + Q2Q3 + Q32 + Q1Q3 Find the inverse demand function P = f(Q) and use Cramer's rule to solve for the critical value Q1. Answer in two decimal places. %3D 138.33 X Answer: 27.37 138.33 Use Cramer's rule to solve for the critical value Q2. Answer in two decimal places. 141.39 X Answer: 14.71 141.39
Transcribed Image Text:Given Q1 = 150 - 3P1 + P2 + P3 Q2 = 180 + P1 - 4P2 + 2P3 Q3 = 200 + 2P; + P2 - 5P3 and TC = Q,2 + Q1Q2 + 2Q22 + Q2Q3 + Q32 + Q1Q3 Find the inverse demand function P = f(Q) and use Cramer's rule to solve for the critical value Q1. Answer in two decimal places. %3D 138.33 X Answer: 27.37 138.33 Use Cramer's rule to solve for the critical value Q2. Answer in two decimal places. 141.39 X Answer: 14.71 141.39
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