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Are goods x and z substitutes or complements

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Problem 1: The demand curve for a product is given by O = 1,200 - 3P,-0.1P. where P. = $300. What is the own price elasticity of demand when P.= $140? Is demand clastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $ 1-40? What is the own price elasticity of demand when P. = $240? Is demand clastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price above $240? What is the cross-price elasticity of demand between good X and good Z when P. = $140? Are goods X and Z substitutes or complements?

Reference no: EM133003898

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