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Solve the simultaneous equations y = x + 3, y^2 - x^2 + 3 = -6x
Here, we have two equations involving two variables, x and y.
The question asks us to 'solve' the set of simultaneous equations.
Equivalently, it is asking us to
How do I work out the different elasticites of demand?
Elasticity is the proportionate responsiveness of a second variable to an initial change in the first variable.
There are four different types of elasticites:
