Consider the following system of simultaneous equations representing the demand-and-supply model:Qs = β1 + β2P +u1 and Qd =α1 +α2P+α3I +u2, where Qs and Qd are the quantities supplied and demanded respectively, P = price of the commodity, and I = income. Which of these equations are identified, i.e. which of these can be estimated?

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MCQs on Econometrics, which is the use of statistical methods to develop theories or test existing hypotheses in economics or finance.

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