For a commodity, a supply function is given by, P = 2Qs + 4 a demand...

 

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For a commodity, a supply function is given by, P = 2Qs + 4 a demand function is given by, P=CQD +9 (c > 0) I a. (3 points) Show that in matrix notation the equilibrium price, P, and quantity, Q, satisfy -21 ( = [H] Show your work. b. (3 points) Solve this system to express P and Q in terms of c. c. (2 points) What change happen to quantity, Q if there is an increase in c. Show your work. For a commodity, a supply function is given by, P = 2Qs + 4 a demand function is given by, P=CQD +9 (c > 0) I a. (3 points) Show that in matrix notation the equilibrium price, P, and quantity, Q, satisfy -21 ( = [H] Show your work. b. (3 points) Solve this system to express P and Q in terms of c. c. (2 points) What change happen to quantity, Q if there is an increase in c. Show your work.

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a Given Supply function P 2Qs 4 Demand function P cQD 9 To exp... View the full answer