How much will your firms total revenues revenues from both, Ask an Expert

Economics

You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 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 -1.8.

How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M939409

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question answer all of the bulleted question related to the

Question: Answer all of the bulleted question related to the esay question on the the goverment budget. It's ok to use the outside source for the question, but please cite the source properly. ( write about one or two pa ...

Question the directors of ace airlines have decided to

Question: The directors of Ace Airlines have decided to incentivize their 1,000 employees by issuing every one of them 200 shares of stock. (Assume there is no problem of equity dilution, because the company has 40 milli ...

Question - the shadow banking system is larger and has

Question - The "shadow banking system" is larger (and has become more important to the US money and capital markets) than the commercial banking system. But, unlike commercial banks, many types of "shadow banks" ---money ...

Question describe your recommendations concerning the

Question: Describe your recommendations concerning the issues presented in "Carnival". The issues of the cruise ship Carnival that is facing today, what would your recommendations be? The response must be typed, single s ...

Question different areas of endeavor allow different forms

Question: Different areas of endeavor allow different forms of competition. What kinds of competition are allowed for getting into college that are not allowed for getting an A in this class? What kinds of competition ar ...

Question answer questions your answers should be no more

Question: Answer Questions: your answers should be no more than a short paragraph of 3-4 sentences for each of the following questions. Assume that a firm's analysis of its balance condition shows the following: PL = $10 ...

Question suppose that iny 2 ilondon 6 xa -1 and rp 2

Question: Suppose that i_NY = 2%, i_London = 6%, xa = -1%, and RP = 2%, where i_NY (i_London) denotes the interest rate in New York (London), xa denotes the expected appreciation of the foreign currency (i.e., the pound) ...

Question tom jones beef jerky is naturally high in protein

Question: Tom Jones Beef Jerky is naturally high in protein and low in fat, calories, and carbs that make it an ideal snack for active, health conscious individuals. The only problem is that consumer research shows that ...

Question southern california edisons prices service quality

Question: Southern California Edison's prices, service quality, and investments in new facilities are pervasively regulated by governments under long-standing rules. Do you expect that a given decision will be made at a ...

Question what is a just society which of the three theories

Question: What is a just society? Which of the three theories of economic justice discussed in Chapter Three (utilitarian, libertarian, or Rawls's theory) do you feel would best create such a society? Why have you select ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert