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math eco subject thank you Consider the demand and supply functions for the following three commodities: Qd1 = 5 - P1 - P2 - -P3

math eco subject thank you

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Consider the demand and supply functions for the following three commodities: Qd1 = 5 - P1 - P2 - -P3 Qs1 = P -2 Qaz = 7 - P1 - SP P2 - Qs2 = =P2 - S Qd3 = 10 - -P1 - P2 - P3 Qs3 = 2P3 - 2 a) Using the equilibrium condition Qdi = Qsi (i = 1, 2,3), obtain three simultaneous equations in P's . (6 marks) b) Using the variable elimination method, solve for P, , P2 , and Py . (6 marks) c) Using your answers in b), solve for Qi , Q2 , and Q3- (3 marks) d) Describe and justify the nature of relationship among those commodities. (3 marks) e) Given P; and Q;, obtain the price elasticity of demand for commodity three. Is it elastic? (4 marks)

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