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....

Suppose the own price elasticity of demand for goodX is -2, its income elasticity is 3, its advertising elasticity is 2, and the cross-price elasticity of demand between it and goodY is -4. Determine how much the consumption of this good will change if:


Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers.


a. The price of goodX decreases by 6 percent.


 percent


b. The price of goodY increases by 8 percent.


 percent


c. Advertising decreases by 4 percent.


 percent


d. Income increases by 5 percent.
 percent