The demand functions for two products are given below. P₁, P2, 91, and 92 are the prices (in dollars) and quantities for products 1 and 2. 1000 - 5p1 + 2p2 1600 + 2p1-4p2 92 What is the quantity demanded for each when the price for product 1 is $50 per item and the price for product 2 is $70 per item? Demand for product 1: Demand for product 2: Are these two products complementary goods or substitute goods? [Select an answer

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter3: Polynomial Functions
Section3.5: Mathematical Modeling And Variation
Problem 5ECP
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The demand functions for two products are given below. P₁, P2, 91, and 92 are the prices (in dollars) and
quantities for products 1 and 2.
1000 - 5p1 + 2p2
91
92 1600+2p1 - 4p2
-
What is the quantity demanded for each when the price for product 1 is $50 per item and the price for
product 2 is $70 per item?
Demand for product 1:
Demand for product 2:
Are these two products complementary goods or substitute goods? Select an answer
Transcribed Image Text:The demand functions for two products are given below. P₁, P2, 91, and 92 are the prices (in dollars) and quantities for products 1 and 2. 1000 - 5p1 + 2p2 91 92 1600+2p1 - 4p2 - What is the quantity demanded for each when the price for product 1 is $50 per item and the price for product 2 is $70 per item? Demand for product 1: Demand for product 2: Are these two products complementary goods or substitute goods? Select an answer
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