question archive You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y
You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y
Subject:EconomicsPrice:2.88 Bought3
You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is -1.7.
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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