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The demand curve for a product is given by Qdx= 1,000 -2Px + .02Pz' where Pz = $400.
a. What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $154?
b. What is the own price elasticity of demand when Px = $354? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price above $354?
c. What is the cross-price elasticity of demand between good X and good Z when, Px = $154? Are goods X and Z substitutes or complements?
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Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout g..
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