Econometrics models

1. A two commodity market model is defined by the following:

Qd1= 4-P1+1/2P2

Qd2= 10+P1-P2

Qs1= -3+4P1

Qs2= -18+4P2

Determine the equilibrium prices and quantities for the two commodities

2. Consider the following system of two linear simultaneous equations in two variables:

2×1-5×2= 7

X1+6×2= 9

Solve using cramers rule