Determine how much the consumption of this good

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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, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if: Instructions: Enter your answers as percentages. Include a minus (-) sign for all negative answers. a. The price of good X decreases by 5 percent. percent b. The price of good Y increases by 8 percent. percent c. Advertising decreases by 4 percent. percent d. Income increases by 4 percent. Percent

Reference no: EM131104334

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