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You are the manager of a firm that receives revenues of dollar40,000 per year from product X and dollar80,000 per year from product Y. The
You are the manager of a firm that receives revenues of dollar40,000 per year from product X and dollar80,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is -1.8. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent? Instructions: Round your answer to the nearest dollar. Include a minus (-) sign if applicable. dollar
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