Two products are sold on the market. The demand function for product 1 is given by q1 = 200 – 6pi + 46p2 . The demand function for product 2 is given by 92 = 400 + 4pj + 14p2 . The pi is the price for product 1, and the p2 is the price for product 2. a. Are the products complementary or competitive? Show why. b. Find the demand for each product if the price of the first is pi = 10 and the price for the second is p2 = 2. C. -- What is the marginal demand for product 1 if the price for product 2 is held constant?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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