Suppose products A and B have demand and supply equations that are related to each other. If q Subscript Upper AqA and q Subscript Upper BqB are the quantities produced and sold of A and B, respectively, and p Subscript Upper ApA and p Subscript Upper BpB are their respective prices, the table below shows the demand equations and the supply equations. Eliminate q Subscript Upper AqA and q Subscript Upper BqB to get the equilibrium prices. demand equations supply equations q Subscript Upper AqA equals=33minus−p Subscript Upper ApAplus+p Subscript Upper BpB q Subscript Upper AqA equals=minus−77plus+66p Subscript Upper ApAminus−22p Subscript Upper BpB q Subscript Upper BqB equals=2222plus+p Subscript Upper ApAminus−p Subscript Upper BpB q Subscript Upper BqB equals=minus−33minus−22p Subscript Upper ApAplus+66p Subscript Upper BpB Question content area bottom Part 1 The prices are p Subscript Upper ApAequals=$ enter your response here and p Subscript Upper BpBequals=$ enter your response here. (Round to the nearest cent as needed.)
Suppose products A and B have demand and supply equations that are related to each other. If q Subscript Upper AqA and q Subscript Upper BqB are the quantities produced and sold of A and B, respectively, and p Subscript Upper ApA and p Subscript Upper BpB are their respective prices, the table below shows the demand equations and the supply equations. Eliminate q Subscript Upper AqA and q Subscript Upper BqB to get the equilibrium prices. demand equations supply equations q Subscript Upper AqA equals=33minus−p Subscript Upper ApAplus+p Subscript Upper BpB q Subscript Upper AqA equals=minus−77plus+66p Subscript Upper ApAminus−22p Subscript Upper BpB q Subscript Upper BqB equals=2222plus+p Subscript Upper ApAminus−p Subscript Upper BpB q Subscript Upper BqB equals=minus−33minus−22p Subscript Upper ApAplus+66p Subscript Upper BpB Question content area bottom Part 1 The prices are p Subscript Upper ApAequals=$ enter your response here and p Subscript Upper BpBequals=$ enter your response here. (Round to the nearest cent as needed.)
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 3TY
Related questions
Question
Suppose products A and B have demand and supply equations that are related to each other. If
equilibrium prices.
q Subscript Upper AqA
and
q Subscript Upper BqB
are the quantities produced and sold of A and B, respectively, and
p Subscript Upper ApA
and
p Subscript Upper BpB
are their respective prices, the table below shows the demand equations and the supply equations. Eliminate
q Subscript Upper AqA
and
q Subscript Upper BqB
to get the |
demand equations
|
supply equations
|
||
|
q Subscript Upper AqA
|
equals=33minus−p Subscript Upper ApAplus+p Subscript Upper BpB
|
q Subscript Upper AqA
|
equals=minus−77plus+66p Subscript Upper ApAminus−22p Subscript Upper BpB
|
|
q Subscript Upper BqB
|
equals=2222plus+p Subscript Upper ApAminus−p Subscript Upper BpB
|
q Subscript Upper BqB
|
equals=minus−33minus−22p Subscript Upper ApAplus+66p Subscript Upper BpB
|
Question content area bottom
Part 1
The prices are
p Subscript Upper ApAequals=$
enter your response here
and
p Subscript Upper BpBequals=$
enter your response here.
(Round to the nearest cent as needed.)
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