The demand and supply functions for two interdependent goods are given by Q D 1 = 50
Question:
The demand and supply functions for two interdependent goods are given by
QD1 = 50 − 2P1 + P2
QD2 = 10 + P1 − 4P2
QS1 = −20 + P1
QS2 = −10 + 5P2
(a) Show that the equilibrium prices satisfy(b) Find the inverse of the 2 × 2 matrix in part (a) and hence find the equilibrium prices.
Transcribed Image Text:
P 3 -1 70 P2 -1 20
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