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The demand curve for a product is given

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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 firm?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 firm?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?

 

Paper#26347 | Written in 18-Jul-2015

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