Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 3, 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 3, and the cross-price elasticity of demand between it and good Y is 5. 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.
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