Given the following system of equations for two complementary goods, trousers t and jackets j, find the
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Given the following system of equations for two complementary goods, trousers t and jackets j, find the equilibrium price and quantity, using the elimination method.
Setting Qs = Qd for the equilibrium in each market,
This leaves two equations and two unknowns:
Multiplying (4.36) by 8,
Subtracting (4.37) from the other equation (4.35), which here involves changing the sign of every term in (4.37) before, in effect, adding them to (4.35),
Substituting Pj = 75 in (4.35) or (4.36),Then substituting Pj = 75, Pt = 40 in Qs or Qd for each market,
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Related Book For
Schaum S Outline Of Mathematical Methods For Business Economics And Finance
ISBN: 978-1264266876
2nd Edition
Authors: Luis Moises Pena Levano
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