The following are the demand and supply functions for three competing mobile phone models of different manufacturers. Яa1 %3D 46 — 10р, + 2pz + 2рз Я1 3D 12р, — 16 Яа2 — 30 + 2p, - бр2 + 4pз 9s2 = 6p2 – 22 Яаз 3 38 + 2р, + 4p2 — 8рз 9:3 = 6p3 – 10 %3D 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 qai with q,1, q42 Wwith q,2 and qa3with q,3.
The following are the demand and supply functions for three competing mobile phone models of different manufacturers. Яa1 %3D 46 — 10р, + 2pz + 2рз Я1 3D 12р, — 16 Яа2 — 30 + 2p, - бр2 + 4pз 9s2 = 6p2 – 22 Яаз 3 38 + 2р, + 4p2 — 8рз 9:3 = 6p3 – 10 %3D 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 qai with q,1, q42 Wwith q,2 and qa3with q,3.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following are the demand and supply functions for three competing mobile phone models of
different manufacturers.
??? = ?? − ???? + ??? + ???
??? = ???? − ??
??? = ?? + ??? − ??? + ???
??? = ??? − ??
??? = ?? + ??? + ??? − ???
??? = ??? − ??
Using Gaussian Elimination Method determine whether there are prices which would bring the
are the equilibrium demand and supply quantities?
You may get the three equations of
???
with ??? , ??? ???? ??? and ??????? ???.
Transcribed Image Text:The following are the demand and supply functions for three competing mobile phone models of
different manufacturers.
Яa1 %3D 46 — 10р, + 2pz + 2рз
Я1 3D 12р, — 16
Яа2 — 30 + 2p, - бр2 + 4pз
9s2 = 6p2 – 22
Яаз 3 38 + 2р, + 4p2 — 8рз
9:3 = 6p3 – 10
%3D
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 qai
with q,1, q42 Wwith q,2 and qa3with q,3.
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