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

 

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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. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Yand 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: Enter your response rounded to the nearest dollar. If you are entering a negative number, be sure to use a (-) sign. 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. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Yand 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: Enter your response rounded to the nearest dollar. If you are entering a negative number, be sure to use a (-) sign.

Answer rating: 100% (QA)

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