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1)Suppose the own price elasticity of demand for good X is -2, its income elasticity is 2

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1)Suppose the own price elasticity of demand for good X is -2, its income elasticity is 2. its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Yis-3. Determine how much the consumption of this good will change it. Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers. a. The price of good X decreases by 7 percent. percent b. The price of good Yincreases by 8 percent. percent c. Advertising decreases by 4 percent. percent d. Income increases by 5 percent. 

2)Tan Trading Company manufactures furniture in Penang for local and European markets. The company is unable to produce enough to meet the demand of the local and European market. This is due to shortage of raw materials, which are source locally. It is extremely important for the company to produce enough to meet the demand of the local and European market. If the company loses the customer to other competitors, it will be extremely difficult to recapture the local and European market.You are required to do a research and report to the board of directors;

A) Discuss the techniques that have been developed to assist in business decision making when single or multiple limiting factors are encountered.