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1- Consider the following two markets model of = 20 - P1 + 2P2 Q5 = 2P - 2 Q4 = 18-2P2 + 3P1 Q;
1- Consider the following two markets model of = 20 - P1 + 2P2 Q5 = 2P - 2 Q4 = 18-2P2 + 3P1 Q; = 2 +4P2 1. What relationship in demand do those goods have? 2. Use Cramer's rule to find the inverse demand functions P1 = P1(Q1, Q2) P2 = P2 (Q1, Q2)
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