University of California Elasticity Worksheet

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Homework 1

Answer with the following scenario/question in mind.

Question: Assume you are an owner of a firm that produces two goods: X and Y. You are are having a cup of coffee with your manager and discussing prices. Your discussion has no math, just logic. Assume the price change would be on good X. Figure out the sign (positive, negative, or unknown) of the joint TR when the price of X changes.

Consider

*elasticity of good X,

*the relationship of good X and Y, and

*how price of X changes.

Your challenge is to figure out if the TR jointly determined by TRx, TRx’, TRy, and TRy’ is positive or negative or unknown

These are your 8 combinations

  1. Good X is elastic, Good Y is complement, price of X decreases
  2. Good X is inelastic, Good Y is complement, price of X decreases
  1. Good X is elastic ,Good Y is substitute, price of X decreases
  1. Good X is inelastic, Good Y is substitute, price of X decreases
  1. Good X is elastic, Good Y is complement, price of X increases
  2. Good X is inelastic, Good Y is complement, price of X increases
  3. Good X is elastic ,Good Y is substitute, price of X increases
  4. Good X is inelastic, Good Y is substitute, price of X increases
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