Given the demand and supply functions for two commodities, commodity X and Y determine the equilibrium price Px and Py and quantities QX and QY?

Qdx = 18-3Px+Py Qdy=12+8Px-2Py

Qdx= -3+4Px+3Py QSy=-2+3Py+Px.

Suppose the value of demand and supply curves of a commodity X is given by the following two equations simultaneously:

Qd= 200  10p

Qs = 50  15p

Find the equilibrium price and equilibrium quantity of commodity X.

Given the demand and supply schedules for semiconductors in a perfectly competitive market:

Qd = 60 - 10P +0.51 Qs= -10 + 4P - 2C

where I = average income of the demanders of this product

C = unit cost of the inputs used in the production of this commodity.

(a) Find the expression for equilibrium price and equilibrium quantity transacted in this market.

(b) Find the initial equilibrium and quantity and I = 1000 and C= 20

(c) Determine the impact of an increase in income from 1000 to 1200 on the initial equilibrium values

(d) Assume that an improvement in the technology of producing this commodity results in an increase in supply by the factor of 5, how will this development affect the initial equilibrium values?