Answer to Question #329963 in Microeconomics for bim

Question

two markets for substitute goods:

Q^s₁ = 2P₁

Q^S₂=-10+2P₂

Q^D₁=20-P₁+P₂

Q^D₂=40-2P₂+P₁

FIND THE EQUILIBRIUM PRICE AND QUANTITY OF THE TWO GOODS

Answer 1

$Q_s=Q_d,$

$2P_1=20-P_1+P_2,$

$-10+2P_2=40-2P_2+P_1,$

$P_1=130/11,$

$P_2=170/11,$

$Q_1=260/11,$

$Q_2=230/11.$