Suppose that the demand curve for a product is given by Qxd =100-2Px+7Py where  = £20, where  = £20 is the price of another product a).Calculate the demand for good X in this market at the current price level. How much revenue would the firm make? b).If the firm wishes to increase total revenue, would it need to increase or decrease the current price of good X? c).Calculate the cross-price point elasticity between goods X and Y at the current price level. Are the goods complements or substitutes?

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