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Suppose we have two products in the market, orange and potato,
the demand function and supply function for orange:
Qd1 = 10 - 2P1 + P2
Qs1 = -2 + 3P1
the demand function and supply function for potato:
Qd2 = 15 + P1 - P2
Qs2 = -1 + 2P2
Find the market clearing (general equilibrium) price and quantities for orange and potato by using the market clearing condition: Demand=Supply.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9492196

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