Effect on quantity demanded

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Reference no: EM138290

Q. Given your answer in part b, if PX would increases by 10%, by what percentage would sales decrease? What impact would this price increase have on total revenues from good X?

Given that PY = $1.300, ceteris paribus, calculate the cross price elasticity of demand for product X with respect to the price of product Y.

Given your answer in part d, how could we classify product X and product Y?

Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected?

Reference no: EM138290

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