Question

Solve the equation for p and q

Equation = px + q = -x -2

Hence find p and q​

Answer 1

Answer:

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Answer 2

Step-by-step explanation:

Consider a single-commodity market, where the quantity demanded Q,j is a function not only of price P but also of an exogenously determined income V The quantity supplied Qs. on the other hand, is a function of price alone. If these functions are not given in specific forms, our model may be written generally as follows:

Qd = D(P, y0) (dD/'OP < 0; 9D/9Yts > 0) (8.32) Qs = S(P) (dS/dP > 0)

Both the D and 5 functions are assumed to possess continuous derivatives or, in other words, to have smooth graphs. Moreover, in order to ensure economic relevance, we have imposed definite restrictions on the signs of these derivatives. By the restriction dS/dP > 0. the supply function is stipulated to be strictly increasing, although it is permitted to be either linear or nonlinear. Similarly, by the restrictions on the two partial derivatives of the demand function, we indicate that it is a strictly decreasing function of price but a strictly increasing function of income. For notational simplicity, the sign restrictions on the derivatives of a function are sometimes indicated with + or - signs placed directly underneath the independent variables. Thus the D andS functions in (8.32) may alternatively be presented as

These restrictions serve to confine our analysis to the "normal" case we expect to encounter