Suppose products A and B have demand and supply equations that are related to each other. If qд and qB are the quantities produced and sold of A and B, respectively, and PA and PB are their respective prices, the table below shows the demand equations and the supply equations. Eliminate qд and qB to get the equilibrium prices. demand equations 9A 3-PA PB supply equations 9A = -7 +6PA - 2PB 9B = 22+ PA - PB 9B = -3-2PA +бPB The prices are PA S and PB = $ (Round to the nearest cent as needed.)
Suppose products A and B have demand and supply equations that are related to each other. If qд and qB are the quantities produced and sold of A and B, respectively, and PA and PB are their respective prices, the table below shows the demand equations and the supply equations. Eliminate qд and qB to get the equilibrium prices. demand equations 9A 3-PA PB supply equations 9A = -7 +6PA - 2PB 9B = 22+ PA - PB 9B = -3-2PA +бPB The prices are PA S and PB = $ (Round to the nearest cent as needed.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose products A and B have demand and supply equations that are related to each other. If qд and qB are the quantities produced and sold of A and B, respectively, and PA and PB are their respective prices, the table below shows the demand equations and the supply
equations. Eliminate qд and qB to get the equilibrium prices.
demand equations
9A 3-PA PB
supply equations
9A = -7 +6PA - 2PB
9B = 22+ PA - PB
9B = -3-2PA +бPB
The prices are PA S
and PB = $
(Round to the nearest cent as needed.)
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