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Price Elasticity of Demand Assignment | Homework For You

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December 13th, 2019

You are the manager of a firm that receives revenues of $30,000 per year from product X and $80,000 per year from product Y.

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Homework For You

The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1.1.How much will your firm’s total revenues (revenues from both products) change if you increase the price of good X by 2 percent?Instructions: Round your answer to the nearest dollar. Include a minus (-) sign if applicable.$ Get Economics homework help today

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