Question: Given the following demand and supply functions for three competing products. qd1= 48 - 12p1 + 4p2+ 4p3 qs1 = 14p1 - 18 qd2= 32

Given the following demand and supply functions for three competing products.

qd1= 48 - 12p1 + 4p2+ 4p3 qs1 = 14p1 - 18

qd2= 32 + 4p1 - 8p2\+ 6p3 qs2 = 8p2- 24

qd3= 48 + 3p1 + 5p2 - 10p3 qs3 = 8p3 - 12

Determine whether there are prices which bring the supply and demand levels into equilibrium for the three products. If so, what are the equilibrium quantities?

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