Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4

Subject:EconomicsPrice:2.88 Bought3

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Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, 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:

a. The price of good X decreases by 6%

b. The price of good Y increases by 8%

c. Advertising decreases by 4%

d. Income increases by 5%