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Suppose the own price elasticity of demand for good is 2. its income elasticity is 3, its advertising elasticity is 4, and the cross price
Suppose the own price elasticity of demand for good is 2. its income elasticity is 3, its advertising elasticity is 4, and the cross price elasticity of demand between it and good Yis-6. Determine how much the consumption of this good will change in Instructions: Enter your responses as percentages Include a minus (1) sign for all negative answers a. The price of good X decreases by 5 percent percent b. The price of good Yincreases by 10 percent percent c. Advertising decreases by 2 percent percent d Income increases by 3 percent percent
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