Describe the equilibrium price and sales

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Reference no: EM1356170

The inverse demand curve for product X is given by:

PX = 25 - 0.005Q + 0.15PY

where PX represents price in dollars per unit, Q represents rate of sales in pounds per week, and PY represents selling price of another product Y in dollars per unit. The inverse supply curve of product X is given by:

PX = 5 + 0.004Q

a. Describe the equilibrium price and sales of X. Let PY = $10

b. Determine whether X and Y are substitutes or complements.

Reference no: EM1356170

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