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2. Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, and the cross-price elasticity of demand between it and good Y is -6. A. Interpret the elasticity coefficients. B. Determine how much consumption of this good will change if: B.1 The price of good X increases by 5%. B.2 The price of good Y increases by 10%. B.3 Income falls by 3%.

2. Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, and the cross-price elasticity of demand between it and good Y is -6. A. Interpret the elasticity coefficients. B. Determine how much consumption of this good will change if: B.1 The price of good X increases by 5%. B.2 The price of good Y increases by 10%. B.3 Income falls by 3%.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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2. Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, and the cross-price elasticity of demand between it and good Y is -6. A. Interpret the elasticity coefficients. B. Determine how much consumption of this good will change if: B.1 The price of good X increases by 5%. B.2 The price of good Y increases by 10%. B.3 Income falls by 3%.
Transcribed Image Text:2. Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, and the cross-price elasticity of demand between it and good Y is -6. A. Interpret the elasticity coefficients. B. Determine how much consumption of this good will change if: B.1 The price of good X increases by 5%. B.2 The price of good Y increases by 10%. B.3 Income falls by 3%.
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