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Business, 18.01.2020 13:31 molly5318

Suppose the own price elasticity of demand for good x is -4, its income elasticity is 3, 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. include a minus sign for all negative answers.

a. the price of good x decreases by 6 percent. 4 percent

b. the price of good y increases by 7 percent. percent

c. advertising decreases by 4 percent. percent

d. income increases by 3 percent.

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