Consider the markets for butter (B) and margarine (M), where the demand curves are QDM =...

Consider the markets for butter (B) and margarine (M), where the demand curves are QDM = 20-2PM+PB and QDB = 60-6PB++4PM and the supply curves are QSM=2PM and QSB=3PB. Find the equilibrium prices and quantities for butter and margarine

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Rahul Sunny answered 1 year ago

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1.) the price elasticity of demand for margarine is -1.3 and the income elasticity of demand...

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