Determine how much the consumption of good will change

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Suppose the own price elasticity of demand for good X is -5, its income elasticity is -3, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 5. Determine how much the consumption of this good will change if: a. The price of good X decreases by 6 percent. _____ percent b. The price of good Y increases by 7 percent. _____ percent c. Advertising decreases by 4 percent. ____ percent d. Income increases by 2 percent. ____ percent

Reference no: EM131165309

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