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Q1 Use the following information to answer questions 1-5. The quantity of tea demanded, QD, depends on the price of tea, PT, and the price

Q1 Use the following information to answer questions 1-5. The quantity of tea demanded, QD, depends on the price of tea, PT, and the price of coffee, PC. The quantity of tea supplied, QS, depends on the price of tea, PT, and the price of electricity, PE, according to the following equations: QD = 12 - 5PT + 3PC QS = 30 + 2PT - 4PE If the price of coffee is $4.00 and the price of electricity is $5.00,

What are the endogenous and exogenous variables in this model?

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