Ali open the electronic store and his sell two different goods which is phone and printer. The price elasticity of the phone is-3.0 and revenue earn from per month good is 16000. Revenue earn from printer is 4000 per month. The cross price elasticity for both is -2.6. If the price of phone is increased by 10%, calculate the new total revenue for both goods

Ali open the electronic store and his sell two different goods which is phone and printer. The price elasticity of the phone is-3.0 and revenue earn from per month good is 16000. Revenue earn from printer is 4000 per month. The cross price elasticity for both is -2.6. If the price of phone is increased by 10%, calculate the new total revenue for both goods

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...

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