The demand functions for two products are given below. p1, p2, q1, and q2 are the prices (in dollars) and quantities for products 1 and 2.
What is the quantity demanded for each when the price for product 1 is $70 per item and the price for product 2 is $60 per item?
Demand for product 1:
Demand for product 2:
Are these two products complementary goods or substitute goods?
What is the quantity demanded for each when the price for product 1 is $70 per item and the price for product 2 is $60 per item?
Demand for product 1:
Demand for product 2:
Are these two products complementary goods or substitute goods?
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