Question

The equilibrium conditions for two substitute goods are given below:

5P1 – 2P2 = 15 and –P1 + 8P2 = 16

Find the equilibrium prices of the two goods.​

Answer 1

Answer:

The equilibrium conditions for two substitute goods are given below: 5P1 – 2P2 = 15 and –P1 + 8P2 = 16 Find the equilibrium prices of the two goods.