The only gas station in a small town sells both regular and premium gasoline. The weekly demand
Question:
Qdregular = 10000 - 1000 Pregular + 50Ppremium
Qdregular = 350 + 50Pregular - 100Ppremium
Where quantities are measured in gallons and prices in dollars per gallon are these products substitutes or complements? What are the profit-maximizing prices of both regular and premium gas? (Round your answers to the nearest penny)
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These products are substitutes because as the price of one type of gas increases the quantity of the ...View the full answer
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Gaurav Soni
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