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QUESTION
A basic market model for the equilibrium point of supply and demand is given by qs=+p 0,0qd=+p 0,0qs=qd Solve this system using Cramer's rule.
- A basic market model for the equilibrium point of supply and demand
- is given by
- qs =α+βp α<0,β>0qd =γ+δp γ<0,δ>0qs = qd
- Solve this system using Cramer's rule. Comment on the effect that the signs of the model parameters have on the solution.
