Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, 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: (LO1)
a. The price of good X decreases by 5 percent.
b. The price of good Y increases by 8 percent.