Suppose the own price elasticity of demand for good X is -4, its income elasticity is -2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Yis 2. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers. b. The price of good Yincreases by 9 percent. percent

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Q: 1. The demand for good X is given by Qdx = 1,200 -P,+,-8P, +M. Research shows that the prices of…

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