- 2 5 Marks The Demand And Supply Functions For Good X And Good Y Are Given As Qo 145 2px Py Q 45 Px Q 30 1 (22.57 KiB) Viewed 12 times
2. (5 marks) The demand and supply functions for good x and good y are given as: Qº = 145 - 2Px + Py Q = -45 + Px Q = 30
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2. (5 marks) The demand and supply functions for good x and good y are given as: Qº = 145 - 2Px + Py Q = -45 + Px Q = 30
2. (5 marks) The demand and supply functions for good x and good y are given as: Qº = 145 - 2Px + Py Q = -45 + Px Q = 30 + Px - 2Py Q = -40 + 5Py where QP, Q, and P, denote the quantity demanded, quantity supplied, and price of good i = x and y, respectively. (a) Determine the equilibrium price and quantity for good x and good y. (b) Are these goods substitutes or complements? Justify your answer.