Problem: 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.
b) The price of good Y increases by 8 percent.
c) Advertising decreases by 4 percent.
d) Income increases by 4 percent.