Question
1. Linear Equation Applied to Supply and Demand Find the point of intercept of following demand...
1. Linear Equation Applied to Supply and Demand
Find the point of intercept of following demand and supply function for good 1 given by:
QD1 = 10 - 2P1
QS1 = -3 + 2P1
Where QD1, QS1 denote the quantity demanded and quantity supplied. P1 represents price of good 1 respectively.
1.1 Determine the equilibrium price and quantity for this one good model.
1.2 Sketch the graph for Qdand Qsfunctions and point out the equilibrium price and quantity.
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