The demand functions for two products are given below. p1, p2, q1, q2 are the prices (in dollars) and quantities for pro

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answerhappygod
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The demand functions for two products are given below. p1, p2, q1, q2 are the prices (in dollars) and quantities for pro

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The demand functions for two products are given
below. p1, p2, q1,
q2 are the prices (in dollars) and quantities for
products 1 and 2.
q1 = 350 + p1 + 2p2
q2 = 225 + p1 +
p2
a) Are these two products complementary goods or substitute
goods?
b) What is the quantity demanded for each when the price for
product 1 is $20 per item and the price for product 2 is $30 per
item?
c) Write a function R(p1, p2)that
expresses the total revenue from these two products.
d) Find the price and quantity for each product that maximizes
the total revenue.
Show your full work.
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