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Suppose products A and B have demand and supply equations that are related to each other. If qA and qB are the quantities produced and
Suppose products A and B have demand and supply equations that are related to each other. If qA and qB are the quantities produced and sold of A andB, respectively, and pA and pB are their respectiveprices, the table below shows the demand equations and the supply equations. Eliminate qA and qB to get the equilibrium prices.
demand equations. supply equations
qa=3-pA+pB qA=-7=6pA-2pB
qB=22+pA-pB qB=-3-2pA+6pB
the price are pA=(. ). and pB=$(. )
(Round to the nearest cent asneeded.)
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