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Algebra
Pregunta

(5 points) The demand functions for two products a...

(5 points) The demand functions for two products are given below. \( p _ { 1 } , p _ { 2 } , q _ { 1 } , \) and \( q _ { 2 } \) are the prices (in dollars) and quantities for products \( 1 \) and \( 2 \) . Are these two products complementary goods or substitute goods? Justify your answer with a sentence. 

\(q _ { 1 } = 200 - 3 p _ { 1 } + p _ { 2 } \) 

\( q _ { 2 } = 150 + p _ { 1 } - 2 p _ { 2 }\) 

Answer

from the first equation, an increase in price of the second good(p2)would result in an increase in demand of the first good(q1)

also from the second equation, an increase in price of the first good(p1) would result in an increase in demand of the second good(q2)

therefore the products are substitute goods

Solución
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