ndogenous, exogenous variables; Slope of a line – Equilibrium inthe market-place means that quantity

ndogenous, exogenous variables; Slope of a line – Equilibrium inthe market-place means that quantity supplied (Qs) equals quantitydemanded (Qd). Consider the following market where quantitydemanded and quantity supplied are res given respectively: QS = -8+ 4P and Qd = 42–6P. It follows that the equilibrium price ( Pe) =_________. In the context of the supply and demand model, the twovariables (Qd and Qs) are referred to as ____________ variables(endogenous; exogenous). Explain your answer. The numerical valuefor the slope of the demand curve is ____________ and that for theslope of the supply curve is _____________ [ Hint : When the supplyand the demand curve are graphed, price (P) is placed on thevertical axis and quantity (Q) is placed on the horizontal axis.Therefore, the slope (∆P/∆Q) is just the reciprocal (inverse) ofthe price coefficient]. . . .

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