The Own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will change if : the price of good X increases by 5 percent
price of good Y increases by 10 percent
advertising decreases by 2 percent
Income falls by 3 percent.
1 answer
Price elastic
6 answers