A firm produces two goods that are substitutes in consumption, X and Y. The demands for the two goods are
Q_X = 100,000 - 4,000P_X + 2,000P_Y
Q_Y = 120,000 -2,000P_Y + 1,000P_X
The two marginal cost functions are
MC_X = 7.667 + 0.0005Q_X
MC_Y = 15 + 0.0005Q_Y
-The inverse demand for good X is ______ and is ______ for good Y. (Solve simultaneously for P_X and P_Y as functions of Q_X and Q_Y.)

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The Answer of A firm produces two goods that are substitutes in consumption, X and Y. The demands for the two goods are Q X = 100,000 - 4,000P X + 2,000P Y Q Y = 120,000 -2,000P Y + 1,000P X The two marginal cost functions are MC X = 7.667 + 0.0005Q X MC Y = 15 + 0.0005Q Y -The inverse demand for good X is ______ and is ______ for good Y. (Solve simultaneously for P_X and P_Y as functions of Q_X and Q_Y.)

A Firm Produces Two Goods That Are Substitutes in Consumption