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A firm's individual demand for good x satisfies InQx = 6.4 5.9lnPx + (1.1)lnPy +(0.9)lnM + (1)InAx. Qx is quantity of X, Px is
A firm's individual demand for good x satisfies InQx = 6.4 5.9lnPx + (1.1)lnPy +(0.9)lnM + (1)InAx. Qx is quantity of X, Px is the price of X, Py is the price of Y, a related good, A is advertising and M is income level. A new ad campaign for Y has increased Py by 17.1%. By what percent will this change quantity demanded of X? (could be positive or negative)
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