Find firm-s total revenues change if increase in price, Microeconomics

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Find firm-s total revenues change if increase in price

You are the manager of a firm that receives revenues of $30,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, 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 1 percent?

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Microeconomics: Find firm-s total revenues change if increase in price

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Microeconomics: Find firm-s total revenues change if increase in price

Reference No:- TGS038966

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : What is the change in net working capital

Q : How much revenue to earn to cover monthly costs

Q : What is the initial investment

Q : Problem regarding liability on the property

Q : Find firm-s total revenues change if increase in price

Q : Amount taxable to shareholder as a dividend

Q : What is the terminal cash flow

Q : Valuation of common stock

Q : What is the most that company can offer

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find firm-s total revenues change if increase in price

Reference No:- TGS038966

Recent Questions Asked Microeconomics

Q : What is the change in net working capital

Q : How much revenue to earn to cover monthly costs

Q : What is the initial investment

Q : Problem regarding liability on the property

Q : Find firm-s total revenues change if increase in price

Q : Amount taxable to shareholder as a dividend

Q : What is the terminal cash flow

Q : Valuation of common stock

Q : What is the most that company can offer

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