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Can you please help me with the steps to getting this answer? How do we get from : -c + dP = a - bP
Can you please help me with the steps to getting this answer?
How do we get from:
-c + dP = a - bP
To P= (a+c)/(b+d)
Could you please answer with as many details as possible for each step. Thank you!
If it helps, here is the full question:
Consider a market with the quantity demanded d, the quantity supplied s, and its price .
The relation between the variables are given as: d = and s = - + .
a) Find the equilibrium values of d, s and P
Hint: An equilibrium price can be found by setting quantity demanded equal to quantity supplied.
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