Please help with following question Suppose the own price elasticity of demand for good X is -4, its income elasticity is 2, its advertising elasticity is 3, and the cross price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will change if:The price of good X increases by 10%.The price of good Y decreases by 5%.Advertising increases by 14%.Income decreases by 8%.thanks

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please help with following question

Suppose the own price elasticity of demand for good X is -4, its income elasticity is 2, its advertising elasticity is 3, and the cross price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will change if:

The price of good X increases by 10%.
The price of good Y decreases by 5%.
Advertising increases by 14%.
Income decreases by 8%.

thanks

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