Business, 12.08.2020 05:01 devinm9099

You are the manager of a firm that produces goods X and Y. Your rm receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The price elasticity of demand for product X is |-0.75| and the cross price elasticity of demand between product Y and X is -1.7. Required:
How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?

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You are the manager of a firm that produces goods X and Y. Your rm receives revenues of $40,000 per...