Suppose that x is the price of one brand of gasoline and y is the price of a competing
Chapter 8, Problem 16(choose chapter or problem)
Suppose that x is the price of one brand of gasoline and y is the price of a competing brand. Then q1, the quantity of the first brand sold in a fixed time period, depends on both x and y, so q1 = f(x, y). Similarly, if q2 is the quantity of the second brand sold during the same period, q2 = g(x, y). What do you expect the signs of the following quantities to be? Explain. (a) q1/x and q2/y (b) q1/y and q2/x
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