Suppose the own price elasticity of demand for good X is 2, its income elasticity is 3, its advertising elasticity is 4, 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: (a) The price of good X increased by 5 percent, (b) the price of good Y increase by 10 percent, (c) Advertising decreases by 2 present, (d) income falls by 3 percent
i)The quantity demanded decreases by "2\u00d75=10\\%"
ii) The quantity demanded decreases by "6\u00d710=60\\%"
iii)The quantity demanded decreases by "2\u00d74=8\\%"
iv) The quantity demanded decreases by "3\u00d73=9\\%"
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