In Problems 1-3, prices p1 and p2 are in dollars and q1 and q2 are numbers of
Question:
1. The demand functions for two products are given by
q1 = 300 - 8p1 - 4p2
q2 = 400 - 5p1 - 10p2
Find the demand for each of the products if the price of the first is p1 = $10 and the price of the second is p2 = $8.
2. The demand functions for two products are given by
q1 = 900 - 9p1 + 2p2
q2 = 1200 + 6p1 -10p2
Find the demands q1 and q2 if p1 = $10 and p2 = $12.
3. Find a pair of prices p1 and p2 such that the demands for the two products in Problem 1 will be equal.
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Step by Step Answer:
1 q 1 300 80 32 188 q 2 400 50 80 270 2 q 1 900 90 24 834 q 2 ...View the full answer
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Related Book For 
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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