Question: Use the three equations below to find the demand function Qp = a +bP+cY < 110 = a + 50b + 20c 115= a

Use the three equations below to find the demand function Qp = a +bP+cY < 110 = a + 50b + 20c 115= a + 50b + 30c 95 = a + 60b + 30c (1) < (2) < (3) < If Qs = 3P - 100 determine the equilibrium function. And find the equilibrium P and Q when Y = 20. [Clue: use your idea of algebra to solve the question] U

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