# Pcoer IS approximately ES0 2. Consider the following model of Supply and Demand. where P is...

###### Question:

Pcoer IS approximately ES0 2. Consider the following model of Supply and Demand. where P is the price of the good, Q is quantity demanded and QS is quantity supplied. (i) what condition should δ satisfy in order for the second equation to be a reasonable supply function. (ii) What condition should B and 6 satisfy in order for this system to have a unique equilibrium. Ģi Assuming a unique equilibrium exists express the system in matrix form and use matrix algebra to find the equilibrium values of Q and P Using calculus derive an expression for how the equilibrium price changes when the supply curve shifts (iv)

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