Suppose the own price elasticity of deamn 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. Determine how much the consumption of this good will change if:A: Price of Good X decreases by 5%B: Price of good Y increases by 8%C: Advertising decreases by 4%D: Income increases by 4%
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, itsadvertising elasticity is 2 and the cross-price elasticity of demand between it and good Y is-4….
