Math Problem Statement

Solution

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Math Problem Analysis

Mathematical Concepts

Algebra
Equilibrium Analysis
System of Linear Equations

Formulas

Equilibrium condition: Demand = Supply for each product
P1 = 2000 - 3q1 - 2q2 for Demand and P1 = 100 + 2q1 + q2 for Supply
P2 = 2800 - q1 - 4q2 for Demand and P2 = 200 + 3q1 + 2q2 for Supply

Theorems

Equilibrium Theory

Suitable Grade Level

College-level Economics or Advanced Algebra