Question
ADVANCED ANALYSIS Assume thatdemand for acommodity is represented by theequation Supply is represented by the equation where Q d and Q s are quantity demanded
ADVANCED ANALYSISAssume thatdemand for acommodity is represented by theequation
Supply is represented by the equation
whereQdandQsare quantity demanded and quantity supplied, respectively, andPis price.
Instructions:Enter your answer for price rounded to 2 decimal places and enter your quantity as a whole number.
a. Using the equilibrium conditionQs=Qd,determine equilibrium price.$.
b. Now determine equilibrium quantity.units.
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Using Excel For Principles Of Econometrics
Authors: R Carter Hill, Genevieve Briand
4th Edition
1118032101, 9781118032107
