How much will your firms total revenues (revenues from both products) charge?

Required information 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 products Y and X is -1.6. Suppose you increase the price of good X by 2 percent. Assume that the information about product X and product Y from the problem changed to the following: Revenues per year from product X $15, 000 Revenues per year from product Y $80, 000 Own price elasticity of demand for product X -3 Cross-price elasticity of demand between products X and Y -1.4 Price increase of product X (percent) 3 Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answer for the original question. Required: How much will your firm's total revenues (revenues from both products) change? Instruction: Negative answer should be indicated by a minus sign. Change in total revenues