Define the solution the equilibrium price as p. note that i, Ask an Expert

Economics

S=a+bP
D=c-dP
S=D

1. Define the solution (the equilibrium price) as p. (Note that I switched to lower case because I want to distinguish between an arbitrary price P and the equilibrium price p.

Define the values for following parameters:
a=1
b=2
c=10

2. Type p (in math mode) and use the command "simplify" to obtain an expression for p that is now a function of the parameter d. Show this expression.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M949360

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