Mathematics, 30.04.2021 19:40 jinjermaxinejohnston
By using the Repeated Substitution Method only to answer the following Microeconomics question:
Given the following system equations of price (P) and quantity (Q) determination in a widget market:
Demand: Q = a – b P + e G …..(1)
Supply: Q= c + d P – f N ……(2)
Where the price of substitute good, G, and the cost of production, N, are the exogenous variables. Q and P are endogenous variables. By using the repeated substitution method, please find P and Q.
Answers: 2
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By using the Repeated Substitution Method only to answer the following Microeconomics question:
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