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Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 4, and the cross-price...
Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3. 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. ____ percentb. The price of good Y increases by 9 percent. ______ percentc. Advertising decreases by 3 percent._____ percentd. Income increases by 2 percent._____ percent
Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, itsadvertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3....