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Suppose the own price elasticity of demand for good X is - 5, its income elasticity is 2. Its advertising elasticity is 4, and the
Suppose the own price elasticity of demand for good X is - 5, its income elasticity is 2. Its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Yis 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 5 percent | percent b. The price of good Yincreases by 9 percent. percent c. Advertising decreases by 3 percent percent d Income increases by 2 percent percent
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