The following are the demand and supply functions for three competing mobile phone models of different manufacturers. qa1 = 46 – 10p1 + 2p2 + 2p3 9.1 3 12р, — 16 Яаг 3 30 + 2p1 — 6р2 + 4рз Is2 = 6p2 – 22 q43 = 38 + 2p1 + 4p2 – 8p3 Is3 = 6p3 – 10 Using Gaussian Elimination Method determine whether there are prices which would bring the supply and demand levels into equilibrium for each of the three mobile phone models. If so, what are the equilibrium demand and supply quantities? You may get the three equations of market equilibrium condition by equating qa1 with qs1, q42 with q,2 and q43with q,3.

The following are the demand and supply functions for three competing mobile phone models of different manufacturers. qa1 = 46 – 10p1 + 2p2 + 2p3 9.1 3 12р, — 16 Яаг 3 30 + 2p1 — 6р2 + 4рз Is2 = 6p2 – 22 q43 = 38 + 2p1 + 4p2 – 8p3 Is3 = 6p3 – 10 Using Gaussian Elimination Method determine whether there are prices which would bring the supply and demand levels into equilibrium for each of the three mobile phone models. If so, what are the equilibrium demand and supply quantities? You may get the three equations of market equilibrium condition by equating qa1 with qs1, q42 with q,2 and q43with q,3.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Note: Gaussian Elimination Method

The following are the demand and supply functions for three competing mobile phone models of
different manufacturers.
Яa1 3 46 — 10р1 + 2p2 + 2рз
Is1 = 12p1 – 16
q42 = 30 + 2p1 – 6p2 + 4p3
Is2 = 6p2 – 22
38+ 2р, + 4p2 - 8рз
943
9s3 = 6p3 – 10
Using Gaussian Elimination Method determine whether there are prices which would bring the
supply and demand levels into equilibrium for each of the three mobile phone models. If so, what
are the equilibrium demand and supply quantities?
You may get the three equations of market equilibrium condition by equating qd1
with qs1, qa2 with qs2 and qa3With qs3.

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