Suppose the own price elasticity of demand for good X is 3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is 4. 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 5 percent. _____ percent b. The price of good Y increases by 8 percent. _____ percent c. Advertising decreases by 4 percent. _____ percent d. Income increases by 4 percent.

_____ percent

Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -4. 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 5 percent. percent b. The price of good Y increases by 8 percent. percent C. Advertising decreases by 4 percent. percent d. Income increases by 4 percent. percent