1. Solve the following system of equations by elimination.
2. Solve the following system of equations by elimination.
3. Solve the following system of equations by elimination.
1st
original equation
2nd
original equation
3rd original equation
4. A manufacturer produces two items which are sold at prices of p1
dollars and p2 dollars each. The supply and demand functions
in units for the items are as follows:
P(s1) = the supply function for the first item.
P(d1) = the demand function for the first item.
P(s2) = the supply function for the second item.
P(d2) = the demand function for the second item.
How should prices be set for each item to equate supply and demand? What are the equilibrium quantities for each item?
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