There Are Two Closely Related Crops,X and Y,with the Following

question 18

Multiple Choice

There are two closely related crops,X and Y,with the following demand functions Q_X = 180 - 2P_X + P_Y and Q_Y = 150 + P_X - P_Y where Q_X is the quantity of X,P_X is the price of X,Q_Y is the quantity of Y,and P_Y is the price of Y.These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves.The short-run perfectly inelastic supply for X is 150 while the short-run perfectly inelastic supply for Y is 100.In equilibrium,the prices are

• A) P_X = 80, P_Y = 130
• B) P_X = 40, P_Y = 65
• C) P_X = 60, P_Y = 120
• D) P_X = 30, P_Y = 80

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