Suppose the own price elasticity of demand for good x is -3, Ask an Expert

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Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of demand between good X and Y is -5. Determine how much the consumption of this good will change if:

1. The price of good X increases by 5%

2. The price of good Y increases by 12%

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91385885

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