the demand and supply of two goods are given below Good1 demand: Q1=100-2P1+2P2 Good1 supply : Q1=2P1 Good2 demand : Q2=200-4P2+2P1 Good supply : Q2=20+2P2 based on the two demand equations , we can say that the goods are ________(complements,subsitutes,unrelated) These two markets are in equilibrium when P1= $_______ and P2=$_______ if the demand for the good 1 increases by 20 both prices will change even through only the demand for good 1 initially changes. the new general equilibrium will be P1=$_______________ P2=$_______________
the demand and supply of two goods are given below Good1 demand: Q1=100-2P1+2P2 Good1 supply : Q1=2P1 Good2 demand : Q2=200-4P2+2P1 Good supply : Q2=20+2P2 based on the two demand equations , we can say that the goods are ________(complements,subsitutes,unrelated) These two markets are in equilibrium when P1= $_______ and P2=$_______ if the demand for the good 1 increases by 20 both prices will change even through only the demand for good 1 initially changes. the new general equilibrium will be P1=$_______________ P2=$_______________
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 8TY
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Good1 demand: Q1=100-2P1+2P2
Good1 supply : Q1=2P1
Good2 demand : Q2=200-4P2+2P1
Good supply : Q2=20+2P2
based on the two demand equations , we can say that the goods are ________(complements,subsitutes,unrelated)
These two markets are in equilibrium when P1= $_______ and P2=$_______
if the demand for the good 1 increases by 20 both prices will change even through only the demand for good 1 initially changes. the new general equilibrium will be P1=$_______________ P2=$_______________
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