Question: 1. Given the market model Qd = Qs Qu = 21 - 3P Qs = -4+8P find P* and Q by (a) elimination of variables

1. Given the market model Qd = Qs Qu = 21 - 3P Qs = -4+8P find P* and Q" by (a) elimination of variables and (b) using formulas (3.4) and (3.5). (Use fractions rather than decimals.) 2. Let the demand and supply functions be as follows: (a) Qo = 51 - 3P (b) Q= = 30-2P Q: = 6P - 10 Qs = -6+5p find P* and Q* by elimination of variables. (Use fractions rather than decimals.)

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