Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, 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: (at what percent)
The price of good X decreases by 4 percent?
The price of good Y increases by 9 percent?
Advertising decreases by 2 percent?
Income increases by 3 percent?