Suppose the own price elasticity of demand for good X is -5, its income elasticity is -3, its
advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 5. Determine how much the consumption of this good will change if:
a. The price of good X decreases by 6 percent.
b. The price of good Y increases by 7 percent.
c. Advertising decreases by 4 percent.
d. Income increases by 2 percent.
a. The price of good X decreases by 6 percent. _30____ percent (increase) b. The... View the full answer