Assume goods X and Y are substitutes in production What will happen to the equilibrium price and quantity of X if the price of Y falls

If goods X and Y are substitutes in production, it means that they can be used interchangeably in the production process. In this case, a decrease in the price of Y would make it more attractive for producers to use Y in place of X.

As a result, the demand for good X would decrease, leading to a decrease in both the equilibrium price and quantity of X. Producers would shift their production towards using more of the cheaper good Y, causing a decrease in the demand for X and a decrease in its price. The decrease in price would then lead to a decrease in the quantity of X supplied and demanded in the market.