Suppose there are only two goods - Food (F) and Shelter (S). The demand equations for these
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Question:
Suppose there are only two goods - Food (F) and Shelter (S). The demand equations for these two goods depend on their prices, pF and pS as follows:
DF (pF, pS) = 10-2pF-pS
DS (pF,pS) = 10-pF-2pS
The supply curves depend only on their own prices:
SF (pF) = pF
SS (pS) = 5pS
Determine the equilibrium price and quantity of these goods. Show ALL work
Related Book For
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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