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Suppose the own price elasticity of demand for good x is -2, its income elasticity is -1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good y is -3.
Determine how much the consumption of this good will change if:
a. the price of good x decreases by 4%
b. the price of good y increases by 10%
c. advertising decreases by 3 percent
d. income increases 2%
e. suppose the cross-price elasticity of demand between x and y is -3. How much would the price of good y have to change to change the consumption of good x by 30%?
f. estimates of the income elasticity of demand = 1.8 how will the prospect of an economic boom (expected to increase incomes by 6% in the next year) impact the quantity sold? it will change it by _____ percent (rounded to 2 decimal places)
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