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Econometrics models
1. A two commodity market model is defined by the following:
Qd1= 4-P1+1/2P2
Qd2= 10+P1-P2
Qs1= -3+4P1
Qs2= -18+4P2
Determine the equilibrium prices and quantities for the two commodities
2. Consider the following system of two linear simultaneous equations in two variables:
2×1-5×2= 7
X1+6×2= 9
Solve using cramers rule
