If we have the following commodity: QD1=20-5P1+7P2 QD2=15+5P1-1OP2 QS1=-7+2P1 QS2=8+12P2 2. Then the equilibrium price and quantity of commodity 1: A. Q1=3.60, P1= 6.5 B. Q1=3.78, P1=5.4 C. Q1=3.66, P135.9 D.Q1=4, P1-6 ANS: B 3. Then the equilibrium price and quantity of commodity 2: A. Q2=26.6, P2=1.33 B. Q2=20, P2= 1.44 C. Q2=26.6, P2%31.54
If we have the following commodity: QD1=20-5P1+7P2 QD2=15+5P1-1OP2 QS1=-7+2P1 QS2=8+12P2 2. Then the equilibrium price and quantity of commodity 1: A. Q1=3.60, P1= 6.5 B. Q1=3.78, P1=5.4 C. Q1=3.66, P135.9 D.Q1=4, P1-6 ANS: B 3. Then the equilibrium price and quantity of commodity 2: A. Q2=26.6, P2=1.33 B. Q2=20, P2= 1.44 C. Q2=26.6, P2%31.54
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![If we have the following commodity:
QD1=20-5P1+7P2
QD2=15+5P1-1OP2
QS1=-7+2P1
QS2=8+12P2
2. Then the equilibrium price and quantity of commodity 1:
A. Q1=3.60, P1= 6.5
B. Q1=3.78, P1=5.4
C. Q1=3.66, P1=5.9
D. Q1=4, P1-6
ANS: B
3. Then the equilibrium price and quantity of commodity 2:
A. Q2=26.6, P2%=D1.33
B. Q2=20, P2= 1.44
C. Q2=26.6, P2%31.54
ANS: A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F578b0476-e1a1-44e9-a93d-ade825f05b18%2Fac634cfb-99d6-41ea-9335-5c093c1335ba%2Fxj4ife_processed.jpeg&w=3840&q=75)
Transcribed Image Text:If we have the following commodity:
QD1=20-5P1+7P2
QD2=15+5P1-1OP2
QS1=-7+2P1
QS2=8+12P2
2. Then the equilibrium price and quantity of commodity 1:
A. Q1=3.60, P1= 6.5
B. Q1=3.78, P1=5.4
C. Q1=3.66, P1=5.9
D. Q1=4, P1-6
ANS: B
3. Then the equilibrium price and quantity of commodity 2:
A. Q2=26.6, P2%=D1.33
B. Q2=20, P2= 1.44
C. Q2=26.6, P2%31.54
ANS: A
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