Do you want BuboFlash to help you learning these things? Or do you want to add or correct something? Click here to log in or create user.

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4

Question

In our example, there are three exogenous variables (*I*, *P*_{y}, and *W*) and three endogenous variables: *P*_{x}, Qdx , and Qsx .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply [...] .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply [...] .

Answer

Qdx=Qsx

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4

Question

In our example, there are three exogenous variables (*I*, *P*_{y}, and *W*) and three endogenous variables: *P*_{x}, Qdx , and Qsx .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply [...] .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply [...] .

Answer

?

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4

Question

In our example, there are three exogenous variables (*I*, *P*_{y}, and *W*) and three endogenous variables: *P*_{x}, Qdx , and Qsx .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply [...] .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply [...] .

Answer

Qdx=Qsx

If you want to change selection, open original toplevel document below and click on "Move attachment"

#### Parent (intermediate) annotation

**Open it**

and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply <span>Qdx=Qsx .<span><body><html>

#### Original toplevel document

**3.6. Market Equilibrium**

e of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables . <span>In our simple example, there are three exogenous variables (I, P y , and W) and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply Qdx=Qsx . Continuing with our hypothetical examples, we could assume that income equals $50 (thousand, per year), the price of automobiles equals $20 (thousand, per automobile), and

and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply <span>Qdx=Qsx .<span><body><html>

e of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables . <span>In our simple example, there are three exogenous variables (I, P y , and W) and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply Qdx=Qsx . Continuing with our hypothetical examples, we could assume that income equals $50 (thousand, per year), the price of automobiles equals $20 (thousand, per automobile), and

status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
---|---|---|---|---|---|---|---|

repetition number in this series | 0 | memorised on | scheduled repetition | ||||

scheduled repetition interval | last repetition or drill |

Do you want to join discussion? Click here to log in or create user.