Question

a) Solve for the equilibrium prices in the 2 good market model below using the matrix...

a) Solve for the equilibrium prices in the 2 good market model below using the matrix

inversion approach.

(b) Solve for the equilibrium prices in the 2 good market model below using Cramer’s

Rule.
Qd1= 92-4P1+2P2 (1)
Qs1= -6+32P1 (2)
Qd1=Qs1 (3)
Qd2= 82+P1-3P2 (4)
Qs2= -5+15P2 (5)
Qd2=Qs2 (6)

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