The demand curve for a product is given by Qdx=1000-2P
Question and Solution
The demand curve for a product is given by Qdx=1000-2Px +.02Pz , where Pz =$400 a What is the own price elastic or ine
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The demand curve for a product is given by Qdx=1000-2Px +.02Pz , where Pz =$400 a What is the own price elastic or inelastic at this price? What would happen to the firmâ€™s revenue if it decided to charge a price below $154? b What is the own price elastiticity of demand when Px =$354? Is demand elastic or inelastic at this price? What would happen to the firmâ€™s revenue if it decided to charge a price above $354? c What is the cross-price elasticity of demand between good X and good Z when Px = $154? Are goods X and Z substitutes or complements?
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