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Category > Economics Posted 19 Apr 2017 My Price 5.00

Demand Curve

The demand curve for a product is given by QXd = 1,200 - 3PX - 0.1PZ where Pz = $300.

a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $140?

Instruction: Round your response to 2 decimal places.

Own price elasticity: 

Demand is: 

If the firm prices below $140, revenue will: 

b. What is the own price elasticity of demand when Px = $240? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $240?

Instruction: Round your response to 1 decimal place.

Own price elasticity: 

Demand is: 

If the firm prices above $240, revenue will: 

c. What is the cross-price elasticity of demand between good X and good Z when Px = $140? Are goods X and Z substitutes or complements?

Instruction: Round your response to 2 decimal places.

Cross-price elasticity: 

Goods X and Z are:

Answers

Alpha Geek
(8)
Status NEW Posted 19 Apr 2017 05:04 AM My Price 5.00

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Attachments

file 1492579548-56_56_56_demand_curve.doc preview (812 words )
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