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10 Dec 2018
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 answers as percentages. Include a minus (-) sign for all negative answers.
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 Y is -4. Determine how much the consumption of this good will change if:
Instructions: Enter your answers as percentages. Include a minus (-) sign for all negative answers.
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
larryrambo777Lv10
26 Mar 2023
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Reid WolffLv2
12 Dec 2018
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