Question
Goya and Velazquezare two Spanish painters. In the world, there are 100Goya paintingsand70Velazquezpaintings. The demand for each painter's work depends on its own price and
Goya and Velazquezare two Spanish painters. In the world, there are 100Goya paintingsand70Velazquezpaintings. The demand for each painter's work depends on its own price and the price of the other painter's work. Let Pg be the price of aGoya paintingand Pv be the price of aVelazquezpainting. Ifthe demand function forGoya paintingsis 101 3Pg + 2Pv and the demand function forVelazquezpaintingsis 72 + Pg Pv,what will the equilibrium price forVelazquezpaintingsbe?
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The American Economy
Authors: Walter Greason, William Gorman
1st Edition
1524902675, 9781524902674
