Exercise #3. Suppose the demand for goods 1 and 2 are respectively 91 = 12-P1+P2/2 and q2 = 12-p2 + p./2. No costs are i

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Exercise 3 Suppose The Demand For Goods 1 And 2 Are Respectively 91 12 P1 P2 2 And Q2 12 P2 P 2 No Costs Are I 1 (27.45 KiB) Viewed 24 times

Exercise #3. Suppose the demand for goods 1 and 2 are respectively 91 = 12-P1+P2/2 and q2 = 12-p2 + p./2. No costs are incurred to produce goods 1 and 2. • Q12) Are the products A) Substitutes B) Complements • Q13) Suppose monopoly 1 produces good 1 and monopoly 2 produces good 2. Determine the profit maximizing price set by monopoly 1. Q14) Suppose a single monopoly produces both goods. Determine the profit maximizing price for good 1.