You are the manager of a firm that receives revenues of $30,000 per year from product x and $100,000 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 Y and x is 1.2 .
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 $100,000 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 Y and X is 1.2
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
$1