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The demand curve for a product is given by Q x d = 1,000 - 2P x - 0.1P z where P z = $200.
The demand curve for a product is given by Qxd = 1,000 - 2Px - 0.1Pz where Pz = $200.
(a) What is the own price elasticity of demand when Px = $120? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $120?The demand curve for a product is given by Qxd = 1,000 - 2Px - 0.1Pz where Pz = $200.
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