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Homework answers / question archive / You are the manager of a firm that receives revenues of $50,000 per year from product X and $100,000 per year from product Y

You are the manager of a firm that receives revenues of $50,000 per year from product X and $100,000 per year from product Y

Economics

You are the manager of a firm that receives revenues of $50,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is 1.4. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?

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