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How much the consumption of this good will change

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Reference no: EM132007905

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

a. The price of good X increases by 2 percent

b. The price of good Y increases by 2 percent

c. Advertising decreases by 2 percent

d. Income falls by 2 percent

Reference no: EM132007905

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