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Cross-price elasticity of demand

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Reference no: EM133129357

Suppose the own price elasticity of demand for good XY Instructions:XY percent is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good is -6. Determine how much the consumption of this good will change if:

Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign.

a. The price of good decreases by 5 percent.

percent

b. The price of good increases by 10 percent.

percent

c. Advertising decreases by 2 percent.

percent

d. Income increases by 3 percent.

Reference no: EM133129357

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