ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:The demand functions for two goods depend on the prices of Good 1 and Good 2, p₁ and p2,
Q₁ = 60-12p₁ +4P2
-4P1
Q₂ = 24 - 8p₂ +
but each supply curve depends on only its own price:
The equilibrium
are p₁ = $ and p₂ = $
= 8 + 8P1
Q₁:
Q₂ = 4 +
8p2.
(Enter numeric responses using real numbers rounded to two decimal places.)
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