Suppose the own price elasticity of demand for good X is 5, its income elasticity is 1, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3. Determine how much the consumption of this good will change if:

Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a () sign. a.

The price of good X decreases by 7 percent.

b. The price of good Y increases by 8 percent.

c. Advertising decreases by 3 percent

t d. Income increases by 4 percent. percent