1.) You are the manager of a firm that receives revenues of $40,000 per year from productXand $90,000 per year from productY. The own price elasticity of demand for productXis -1.5, and the cross-price elasticity of demand between productYandXis -1.8.

How much will your firm's total revenues (revenues from both products) change if you increase the price of goodXby 2 percent?

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2.)You are the manager of a firm that receives revenues of $20,000 per year from productXand $80,000 per year from productY. The own price elasticity of demand for productXis -3, and the cross-price elasticity of demand between productYandXis -1.6.

How much will your firm's total revenues (revenues from both products) change if you increase the price of goodXby 2 percent?

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