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The demand curve for a product is given by QXd = 1,200 – 3PX – 0.1PZ where Pz = $300.
a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $140?
Instruction: Round your response to 2 decimal places.
Own price elasticity: [removed]
Demand is:
If the firm prices below $140, revenue will:
b. What is the own price elasticity of demand when Px = $240? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $240?
Instruction: Round your response to 1 decimal place.
Own price elasticity: [removed]
Demand is:
If the firm prices above $240, revenue will:
c. What is the cross-price elasticity of demand between good X and good Z when Px = $140? Are goods X and Z substitutes or complements?
Instruction: Round your response to 2 decimal places.
Cross-price elasticity: [removed]
Goods X and Z are:
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