I would change the HTML to this:
<button class="btn_hide" data-id="01">Hide</button>
<button class="btn_show" data-id="01">Show</button>
<button class="btn_hide" data-id="02">Hide</button>
<button class="btn_show" data-id="02">Show</button>
<p id="content01">Content 01</p>
<p id="content02">Content 02</p>
Then your jQuery can be:
$(".btn_hide").click(function() {
$("#content"+this.getAttribute("data-id")).hide();
});
$(".btn_show").click(function() {
$("p").hide();
$("#content"+this.getAttribute("data-id")).show();
});