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Q1) Demand curve for product is given by Qdx = 1,000 - 2Px + .02Pz, where Pz = $400.

1. Find out pen to firm's revenue if it decided to charge price below $154?

2. Compute the own price elasticity of demand when Px = $354?  Is demand elastic or inelastic at this price?  What would occur to firm's revenue if it decided to charge a price above $354?

3. Determine cross-price elasticity of demand between good X and good Z when Px = $154?  Are goods X and Z substitutes or complements?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922779

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