The demand functions for two products are given below. P1, P2, 91, and q2 are the prices (in dollars) and quantities for products 1 and 2. 91 = 1300-2p1 - 3p2 92 700 - 5p1 - 5p2 What is the quantity demanded for each when the price for product 1 is $40 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
The demand functions for two products are given below. P1, P2, 91, and q2 are the prices (in dollars) and quantities for products 1 and 2. 91 = 1300-2p1 - 3p2 92 700 - 5p1 - 5p2 What is the quantity demanded for each when the price for product 1 is $40 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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The demand functions for two products are given below. P1, P2, 91, and q2 are the prices (in dollars) and
quantities for products 1 and 2.
91 = 1300-2p1 - 3p2
92
700 - 5p1 - 5p2
What is the quantity demanded for each when the price for product 1 is $40 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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