Solved: Calculate the equilibrium price and quantity, Microeconomics

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Calculate the equilibrium price and quantity

Question 1. Suppose

QD= 60 - 50PC

QS= -66 + 90PC

(a) Calculate the equilibrium price and quantity.

Question 2. Interpret the results: of the following

Mutiple R 0.980
R square 0.961
Adjusted R square 0.952
Standard error 5.255
Observations 12.000

(i) determine significance of the model; (ii) determine significance of individual coefficients; (iii) compute elasticities; and (iv) interpret them.

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Microeconomics: Calculate the equilibrium price and quantity

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