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The following information relates to a two commodity market for coffee and tea.

Qdt = 70 - 4Pt + 6Pc
Qst = - 13 + 20Pt

Qdc = 80 - 2Pct + 4Pc
Qsc = -6 +40Pc

Qdt is the quantity demanded for tea
Qdc is the quantity demanded of coffee
Qst is the quantity supplied of tea
Qsc is the quantity supplied of coffee
Pt is the price of tea
Pc is the price of coffee

Required:

At market equilibrium, determine the price and quantity of tea and coffee.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M941760

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