Suppose there are only two goods - Food (F)and Shelter (S).The demand equations for these two goods depend on their prices,p_F and p_S as follows:
D_F (p_F,p_S)= 10 - 2p_F - p_S
D_S (p_F,p_S)= 10 - p_F - 2p_S
The supply curves depend only on their own prices:
S_F (p_F)= p_F
S_S (p_S)= 5p_S
Determine the equilibrium price and quantity of these goods.

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The Answer of Suppose there are only two goods - Food (F)and Shelter (S).The demand equations for these two goods depend on their prices,p_F and p_S as follows: D_F (p_F,p_S)= 10 - 2p_F - p_S D_S (p_F,p_S)= 10 - p_F - 2p_S The supply curves depend only on their own prices: S_F (p_F)= p_F S_S (p_S)= 5p_S Determine the equilibrium price and quantity of these goods.

Suppose There Are Only Two Goods - Food (F)and Shelter