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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
5
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c2d821b-4b8a-4900-baba-5ac3aa3af4a7%2F93ebb07e-98bb-4b7b-becd-16a8a598ab55%2Fxraigif_processed.jpeg&w=3840&q=75)
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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