Q. If the market equilibrium is a condition where demand=supply, and demand and supply functions are Qd= a – bP and Qs = a + bP
respectively. Find out the equilibrium price in three different markets where P1, P2 and P3 are prices for markets M1, M2 and M3 respectively.
Use the information: P1 = 2/3P2 – P3 + 2/3, P2 = 17/6 P1 + 5/6 P3 – 1/3, P3 = P1 – P2 – 4
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