. Exercise #3. Suppose the demand for goods 1 and 2 are respectively q1 = 12-p₁ + P₂/2 and q2 = 12-p₂ + p₁/2. No costs are incurred to produce goods 1 and 2. Q12) Are the products A) Substitutes - B) Complements • Q13) Suppose monopoly 1 produces good 1 and monopoly 2 produces good 2. Determine the profit maximizing price set by monopoly 1. . Q14) Suppose a single monopoly produces both goods. Determine the profit maximizing price for good 1.

. Exercise #3. Suppose the demand for goods 1 and 2 are respectively q1 = 12-p₁ + P₂/2 and q2 = 12-p₂ + p₁/2. No costs are incurred to produce goods 1 and 2. Q12) Are the products A) Substitutes - B) Complements • Q13) Suppose monopoly 1 produces good 1 and monopoly 2 produces good 2. Determine the profit maximizing price set by monopoly 1. . Q14) Suppose a single monopoly produces both goods. Determine the profit maximizing price for good 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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