Suppose the own price elasticity of demand for goodXis -5, its income elasticity is 2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and goodYis 3. 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 goodXdecreases by 5 percent.

What percent?

b. The price of goodYincreases by 9 percent.

What percent?

c. Advertising decreases by 3 percent.

What percent?

d. Income increases by 2 percent.

What percent?