Answered: Price of good x (RM) Quantity demanded…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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Price of good x (RM)	Quantity demanded for good x (Units)	Quantity demanded for good Y (Units)	Quantity demanded for good Z (Units)
1	100	1,000	10
2	50	500	20
3	25	250	40
4	20	200	80
5	18	180	180

If you are the producer of good x and you want to increases your total revenue would you increase the price of RM3 per unit to RM4 per unit? Why? ( use the concepts of elasticity in your answer)

Quantity demanded
for good x (Units)
Quantity demanded Quantity demanded
for good Y (Units)
Price of good x (RM)
for good Z (Units)
1
100
1,000
10
2
50
500
20
25
250
40
20
200
80
5
18
180
180
a) Suppose the price of good x increase from RM3 per unit to RM4 per unit, calculate and
explain:
3.

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