To calculate the firm''s total revenues change

Assignment Help Microeconomics
Reference no: EM13193793

You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is -1.8. 

How much will your firm's total revenues change  if you increase the price of good X by 2 percent?

Reference no: EM13193793

Questions Cloud

Explain the nitrogen molecule : the IUPAC name for the aniline C6H5NH2 with both CH3 and CH2CH2CH3 attached to the nitrogen molecule?
What are some specific criminal justice policies : What are some specific criminal justice policies supported by the current administration? Can the policies be categorized as being liberal or conservative? Explain your answer.
Define the termpublic policy : What problems are associated with formulating crime policy based on crime perceptions rather than crime reality? On what characteristics must crime policy be based?
State net ionic equation for the neutralization reaction : Write a net ionic equation for the neutralization reaction of CH3CO2H(aq) with CsOH(aq). 2. Which of the following compounds is an Arrhenius base in water?
To calculate the firm''s total revenues change : You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y.
Use the quadratic formula : A rocket is launched from atop a 95-foot cliff with an initial velocity of 119 ft/s.
Explain what is the concentration of hac : How many mL of a .1 N solution of NaOH must be added to a 25 mL solution of .1 N HAc to obtain a pH of 9.75? What is the concentration of HAc at this pH
Analyze the codes of conduct : Prepare a recommended list of at least 7 essential elements that must be included in your organization's code of conduct based on your analysis and assessment.
Find the dimensions of the corral with maximum area : Suppose that 646 ft of fencing is used to enclose a corral in the shape of a rectangle with a semicircle whose diameter is a side of the rectangle. Find the dimensions of the corral with maximum area (in terms of x and y)

Reviews

Write a Review

Microeconomics Questions & Answers

  What are the arguments for using real per capita gni

Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..

  Determine how much tax revenue is generated by the tax

Determine how much tax revenue is generated by the tax and what the tax incidence on tax is on consumers and producers. need to indicate new price points and quantities.

  Change balance of fixed and variable costs

Select an organization that has a high fixed cost and low variable cost balance to run its operations. Explain and discuss the balance of fixed and variable costs for the organization.

  Draw a standard supply and demand diagram

Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.

  Illustrate the demand and supply graph

The market price of a basic digital cell phone fell due to increased production.Demand for office space in major US cities dropped significantly between 2009 and 2010.

  Is the good in question standardized

Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..

  Which curve in the labor market for meat packers

What sectors of the labor market are forecast to be the strongest in your region- locality What advice would you give young workers who are preparing to enter the workforce in a few years

  What is the significance of the lau v. nichols case

What are some of the reasons for the largest immigrant trend in the US since the 1970s and although the public has always been divided over bilingual education, why is this truer today than ever before?

  Development of communication infrastructure

Research how externalities impacted the development of communication infrastructure- both positively and negatively and discusses a positive example of externality associated with the development of communication infrastructure and Explain why?

  Details of price discrimination

M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.

  Explain wage determination

Discuss and explain wage determination in a labor market in which workers are unorganized and many companies actively compete for the services of labor.

  Product functions-total-average and marginal product

What is the total product function for Dimex? The average product function? The marginal product function?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd