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. A manufacturer sells two related products, the demand for which is characterized by the following two demand functions: q1 = f1 (p1, p2) =
. A manufacturer sells two related products, the demand for which is characterized by the following two demand functions: q1 = f1 (p1, p2) = 300 - 5p1 - p2 q2 = f2 (p1, p2) = 180 - p1 - 3p2 where pj equals price (in dollars) of product j and qj equals the demand (in thousands of units) product j. (a) How many units are expected to be demanded of each product if $22/unit is charged for product 1 and $38/unit is charged for product 2? (b) How many units are expected if the units price are $40 and $30, respectively?
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