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The demand curve for a product is given by Qdx= 1,200 - 3Px + .01Pz where Pz = $300.
a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $140?
b. What is the own price elasticity of demand when Px = $240? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price above $240?
c. What is the cross-price elasticity of demand between good X and good Z when Px = $140? Are goods X and Z substitutes or complements?
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Most of us participate in the economy every day. As households, we can provide labor to companies or government in the input market and we are also consumers of goods and services in product market.
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