You are the manager of a firm that receives revenues of $50,000 per year from
product X and $80,000 per year from product Y. The own price elasticity of demand
for product X is −3, and the cross-price elasticity of demand between product Y and X
is 1.8.
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.
Answers: 1
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You are the manager of a firm that receives revenues of $50,000 per year from
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