Find own price elasticity of demand when px 354nbsp is

Reference no: EM13389542

The demand curve for a product is given by Q^d_x = 1,000 - 2P_x +.02P_zwhere P_z = $400. (Hint: If you're not comfortable with the calculus alternatives, compute Q at the given prices, then again with a 1% increase in price. Then figure percentage change in Q over the percentage change in P, %?Q/%?P).

What is the own price elasticity of demand when P_x = $154? Is the demand elastic or inelastic? What would happen to the firm's revenue if it decided to charge a price below $154?

What is the own price elasticity of demand when P_x = $354? Is the demand elastic or inelastic? What would happen to the firm's revenue if it decided to charge a price below $354?

What is the cross-price elasticity of demand between good X and good Z when P_x = $154? Are good X and good Z substitutes are complements?

Reference no: EM13389542

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