You Are The Manager Of A Firm That Receives Revenues Of $40,000 – Get Instant Assignment Homework Help – assignmentsonline.org
You Are The Manager Of A Firm That Receives Revenues Of $40,000 – Get Instant Assignment Homework Help – assignmentsonline.org
Numerical analysis – Get Instant Assignment Homework Help – assignmentsonline.org
Mathematics – Get Instant Assignment Homework Help – assignmentsonline.org
You are the manager of a firm that receives revenues of $40,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is 1.6.
How much will your firm’s total revenues (revenues from both products) change if you increase the price of good X by 1 percent?
Instructions: Round your answer to the nearest dollar. Include a minus (-) sign if applicable.
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