Question: 1. The demand functions for the only' two goods in the economy are Q1 = ID - 2p. + p; and Q2 = l -

1. The demand functions for the only' two goods in the

1. The demand functions for the only' two goods in the economy are Q1 = ID - 2p. + p; and Q2 = l - 2p; +p]. There are five units of each good. Solve for the equilibrium: p. ,pg, 91, and Q2. (21] points] 2. The demand functions for each of two goods depend on the prices of the goods, p] and pg: 91 = 15 - 3p. + p; and Q; = 6 - 2pg+ p] . However, each supply curve depends onlyr on its own price: Q = 2 + F1 and Q; = l + p3. Solve for the equilibrium: p1, p2, Q], and 93. (2G points)

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