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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 revenue (revenues from both products) change if you increase the price of good X by 2 percent?
How could utility theory help us understand the difference between a federal income tax and a federal sales tax on consumer consumption patterns?
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