Using the same notation as in Worked-Out Problem 16.1, suppose the following formulas describe the weekly supply
Question:
QdI = 300 -5PI - 4PI
QSI = 5PI 20
Also suppose the following formulas describe the supply and demand for pie:
QdP = 312 -8PP - 6PI
QSP = 4PP - 24
Solve for prices and quantities in a general equilibrium.
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P I 26 P P 15 Q I 110 Q P 36 Explanation Following WorkedOut first set quantity supplied ...View the full answer
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