Given the following system of simultaneous equations for two substitute goods, beef b and pork p, find the equilibrium price and quantity for each market, using the substitution method.

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Q = 15Pb-5 Q%=-3P+ P+82 Setting Q = Qd for the equilibrium in each market, Q = Q 15Pb-5=-3Pb+ Pp +82 Q = 32Pp - 6 Q% = 2P-4P, +92 Q = Q% 32 Pp-6=2Pb - 4Pp +92 18Pb - Pp = 87 -2Ph+36Pp = 98 This reduces the problem to two equations and two unknowns: 18Pb - Pp = 87 -2Pb+36Pp=98 Solving for Pp in (4.32), Pp=18Pb-87 Then substituting (4.34) in (4.33), the other equation, and solving for Pb, -2Pb+36(18 Pb - 87) = 98 -2Pb+648 Pb - 3132 = 98 Pb = 5 Now substituting Pb = 5 in (4.32) or (4.33) to find Pp, 18(5) - Pp = 87 (4.32) (4.33) (4.34) Pp = 3 Finally, substituting Pb = 5 and Pp = 3 in either the supply or demand functions for each market to find Qb and p Q=-3(5)+(3) +82 Q = 70 = 2% Q = 2(5) - 4(3) +92 2% = 90 = Q