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Recall partial equilibrium market model: Qd=a1+b1P , Qs = a2+b2P , Qd = Qs
-Qd = Quantity Demanded
-Qs = Quantity Supplied
-P = Price
- a1 > 0 , a2 <0 , b1 < 0 , b2 > 0
--Solve for the equilibrium values of Q and P (So find Q* and P*) as a function of a1, a2, b1, b2.
- And what restrictions must be placed on the parameters a1b2 and a2b1 so that the value of Q* above makes economic sense?
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