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Homework answers / question archive / Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 6

Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 6

Economics

Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, 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 decreases by 4 percent; (b.) the price of good Y increases by 7 percent; (c.) advertising decreases by 3 percent; and (d.) income increases by 2 percent. Instructions: enter your answers as percentages; include a minus sign (-) for all negative answers.

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