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)
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)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
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Quantity |
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)
Transcribed Image Text: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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