Suppose the inverse demand function for good X is Px = 800 - 4 Qxd . What is the own-price elasticity of demand when Px = 600?

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Nelly StrackeLv2

24 Aug 2019

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Related questions

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?

Own price elasticity:

If the firm prices below $140, revenue will: (increase, decrease or not change)

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?

Own price elasticity:

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?

Cross-price elasticity:

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Which of the following is NOT true for a monopoly?

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