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Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price
Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Yis 4. Determine how much the consumption of this good will change if: 3 Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. )0ii'1t5 a. The price of good Xdecreases by 4 percent. 9300\" percent References b. The price of good Yincreases by 9 percent. percent c. Advertising decreases by 2 percent. percent d. Income increases by 3 percent. percent
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