Determine how much consumption changes


Question: Suppose that the 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 consumption changes if:

a) The price of good Y increases by 10%

b) Advertising decreases by 2%

c) Income falls by 3%

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Microeconomics: Determine how much consumption changes
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