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The equilibrium condition for three related markets (market 1, 2 end 3) is given by the following equations: 11P- Py- Pr= 31 -P+ 6Py-
The equilibrium condition for three related markets (market 1, 2 end 3) is given by the following equations: 11P- Py- Pr= 31 -P+ 6Py- 2P= 26 --P- 2Py+ 7P 24 Find the equilibrium price for each market using matrix inversion. (35 marks)
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
2nd edition
1464187029, 978-1464189104, 1464189102, 978-0716759751, 716759756, 978-1464187025
