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Determine how much the consumption of good will change

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Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, ans the cross price elasticity of demand between it and good Y is - 4. Determine how much the consumption of this good will change if :

a. The price of good X decreases by 5%?

b. The price of good Y increases by 8%?

c. Advertising decreases by 4%?

d. Income increases by 4%?

Reference no: EM132631402

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