17 Jul Suppose the own price elasticity of demand for good X is −3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is −4.
Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (−) sign.
a. The price of good X decreases by 5 percent.
_____ percent
b. The price of good Y increases by 8 percent.
_____ percent
c. Advertising decreases by 4 percent.
_____ percent
d. Income increases by 4 percent.
_____ percent
Image transcription text
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -4. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. a. The price of good X decreases by 5 percent. percent b. The price of good Y increases by 8 percent. percent C. Advertising decreases by 4 percent. percent d. Income increases by 4 percent. percent
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