25 Jul WHAT IS THE CROSS-PRICE ELASTICITY OF DEMAND BETWEEN GOOD X AND GOOD Z WHEN PX = $140?
a. What is the Show more The demand curve for a product is given by QX d = 1200 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 firms revenue if it decided to charge a price below $140? Instruction: Round your response to 2 decimal places. Own price elasticity: Demand is: (Click to select)elasticinelastic If the firm prices below $140 revenue will: (Click to select)decreaseincreasenot change 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 firms revenue if it decided to charge a price above $240? Instruction: Round your response to 1 decimal place. Own price elasticity: Demand is: (Click to select)elasticinelastic If the firm prices above $240 revenue will: (Click to select)not changedecreaseincrease 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: Show less
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