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How much will firm total revenues change

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You are the manager of a firm that receives revenues of $60,000 per year from product XYXYX and $80,000 per year from product . The own price elasticity of demand for product is -1.5, and the cross-price elasticity of demand between product and is -1.4.

Problem 1: How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?

Reference no: EM132993660

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