How much will your firms total revenues

Assignment Help Business Economics

Reference no: EM131103659

You are the manager of a firm that receives revenues of $20,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3, and the cross-price elasticity of demand between product Y and X is -1.6. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?

Reference no: EM131103659

Questions Cloud

The firm were a single-price monopoly : If a monopoly faces an inverse demand curve of p = 90 - Q, has a constant marginal and average cost of 30, and can perfectly price discriminate, what is its profit? What are the consumer surplus, welfare, and deadweight loss? How would these results ..

Write a script that splits the sentences into chunks based : There are number sentences in the attached file. The words in these sentences are annotated with set of tags. I would like to have a script that splits the sentences into chunks based on the annotation tags (tag1 and tag2). The splitted chunks must b..

Implement a web application that works flawlessly on mobile : You are asked to implement a web application that works flawlessly on mobile devices. The simple requirements for the application are described as follows: To write a web app that will allow for someone to enter in course information (name, credits, ..

Explain the impact of occupational segregation : Use a demand-and-supply model to explain the impact of occupational segregation or “crowding” on the relative wage rates and earnings of men and women. Who gains and who loses from the elimination of occupational segregation? Is there a net gain or a..

How much will your firms total revenues : You are the manager of a firm that receives revenues of $20,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3, and the cross-price elasticity of demand between product Y and X is -..

Competition might reduce discrimination in the long run : Males under the age of 25 must pay far higher auto insurance premiums than females in this age group. How does this fact relate to statistical discrimination? Statistical discrimination implies that discrimination can persist indefinitely, while the ..

Which food is the most likely vehicle of infection : Using the data in the above line listing, complete the table below. Which food is the most likely vehicle of infection? What type of transmission is this (person-to-person, indirect vehicle-borne, airborne, indirect vector-borne, direct droplet sprea..

Discuss your overall fat intake and what types of fat : How did your intakes compare to the ULs (diet and any supplements combined)? Discuss. how did your intakes compare to fiber and water recommendations? Discuss. discuss your overall fat intake and what types of fat predominate in your diet. how do you..

What is the value of i after the following loop : Determine the truth of the following statement: (5 > 4) && ( (2 > 6) || !(0 > 1) ). What is the value of i after the following loop? int i = 5; while( (i % 3) != 0) { i++ ;}

User Account

All Pages