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What is the relationship between good one and good two

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Reference no: EM13877540

The demand and supply functions of two related goods are given by

Qd1 = 30 - 8P1 + 4 P2

Qs1 = -60 + 6P1

Qd2 = 200 + 4 P1 - 4 P2      

Qs2 = -40 + 6P2

(a) What is the relationship between good one and good two?

(b) Find the equilibrium prices and quantities.

Reference no: EM13877540

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