Compute the market demand and determine the market equilibrium price and market equilibrium demand.
Problem 1. Use the following demand data to compute the market demand when the price is $45.
P D1 D2 D3
37 20 4 8
47 15 2 7
57 9 1 6
67 5 1 4
Problem 2. Use the following supply data along with the demand data from exercise 1 to determine the market equilibrium price and market equilibrium demand.
P S1 S2 S3
37 1 4 13
47 2 8 14
57 9 13 18
67 9 17 20