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Complementary and Substitute Products In Exercises 63 and 64, determine whether the demand functions describe complementary or substitute product relationships. Using the notation of Example 4, let \(x_1) and \(x_2\) be the demands for two products whose prices are \(p_1\) and \(p_2\), respectively. See Example 4. \(x_{1}=150-2 p_{1}+1.8 p_{2}, \quad x_{2}=350+\frac{3}{4} p_{1}-1.9 p_{2}\)
Chapter 13, Problem 64(choose chapter or problem)
Complementary and Substitute Products In Exercises 63 and 64, determine whether the demand functions describe complementary or substitute product relationships. Using the notation of Example 4, let \({x_1}\) and \({x_2}\) be the demands for two products whose prices are \({p_1}\) and \({p_2}\), respectively.
\({x_1} = 150 - 2{p_1} + 1.8{p_2}\), \({x_2} = 350 + \frac{3}{4}{p_1} - 1.9{p_2}\)
Questions & Answers
QUESTION:
Complementary and Substitute Products In Exercises 63 and 64, determine whether the demand functions describe complementary or substitute product relationships. Using the notation of Example 4, let \({x_1}\) and \({x_2}\) be the demands for two products whose prices are \({p_1}\) and \({p_2}\), respectively.
\({x_1} = 150 - 2{p_1} + 1.8{p_2}\), \({x_2} = 350 + \frac{3}{4}{p_1} - 1.9{p_2}\)
ANSWER:Step 1 of 3
Given:- The function \({x_1} = 150 - 2{p_1} + 1.8{p_2}\), \({x_2} = 350 + \frac{3}{4}{p_1} - 1.9{p_2}\).