Given the following system equations of price (P) and quantity (Q) determination in a widget market: Demand:

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Given the following system equations of price (P) and quantity (Q) determination in a widget market:

Demand: Q = 120 - 20P + 3G …..(1)

Supply: Q= 40 + 20P – 2N ……(2)

Where the price of substitute good, G = 200, and the cost of production N =100.

a) By using the repeated substitution method, please find P and Q.

b) If N is up by 20, show the impact of changing N on P and Q.

Related Book For answer-question

Systems analysis and design in a changing world

ISBN: 978-1423902287

5th edition

Authors: John W. Satzinger, Robert B. Jackson, Stephen D. Burd

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Posted Date: Jul 16, 2018 12:51 AM

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Given the following system equations of price (P) and quantity (Q) determination in a widget market: Demand:

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3a Demand Q 120 20P 3G Q 120 20P 3200 Q 720 20P Put this value of Q in eq 1 720 20P ... View the full answer

Systems analysis and design in a changing world

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