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The demand curve for a product is given by Qdx = 1.000 -2Px + .02pz= Where Px = $400.
(1) What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? what would happen to the firm's revenue if it decided to charge a price below $154.
(2) What is the own price elasticity of demand when Px = $354? is demand elastic or inelastic at this price? Illustrate what would happen to the firm revenue if it decided to charge a price above $354?
(3) What is the cross -price elasticity of demand between good X and good Z when Px = $154? Are goods X and Z substitute or complement?
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