Question

In: Economics

a) A market sells two types of goods, wheat (x) and bread (y) if the demand...

a) A market sells two types of goods, wheat (x) and bread (y) if the demand function and supply function of the two types of goods are :
Qdx = 5 - 2Px + Py
Qdy = 6 + Px –Py
and
Qsx = -5 + 4Px - Py
Qsy = -4 - Px + 3Py
find the market equilibrium of these two types of goods

b) The demand and supply functions of a product are :
3q - 200p + 1800 = 0
3q + 100p - 1800 = 0
q is quantity and p is the price of each unit of goods. Find the price and quantity at the time of market equilibrium?

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Expert Solution

Rahul Sunny answered 2 years ago
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