(Solution) - The only gas station in a small town sells both -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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The only gas station in a small town sells both regular and premium gasoline. The weekly demand functions for the two gasolines are
Qdregular = 10000 - 1000 Pregular + 50Ppremium
Qdregular = 350 + 50Pregular - 100Ppremium
Where quantities are measured in gallons and prices in dollars per gallon are these products substitutes or complements? What are the profit-maximizing prices of both regular and premium gas? (Round your answers to the nearest penny)