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  3. the demand for two goods depends on the prices of

The demand for two goods depends on the prices of Good 1 and...

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Accounting

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The demand for two goods depends on the prices of Good 1 and Good 2,p1 and p2 : Q1D=10521p1+7p2QD2=4214p2+7p1, but each supply curve depends on only its own price: Q1S=14+7p1Q2S=7+7p2. Solve for the equilibrium values of p1,Q1,p2, and Q2. The equilibrium prices are p1=$andp2=$.(Enternumericresponsesusingrealnumbersroundedtotwodecimalplaces.)

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