Question: The demand functions for two products are given below. p 1 , p 2 , q 1 , and q 2 are the prices (in

The demand functions for two products are given below.p1,p2,q1, andq2are the prices (in dollars) and quantities for products 1 and

2.

q1 = 1100-2p1+5p2

q2 = 1800+4p1-5p2

What is the quantity demanded for each when the price for product 1 is $50 per item and the price for product 2 is $20 per item?

Demand for product 1 ? and Demand for product 2 ?

Are these two products complementary goods or substitute goods?

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