Own price elasticity of demand, Macroeconomics

Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3. Determine how much the consumption of this good will change?

Posted Date: 2/4/2014 5:19:55 AM | Location : United States

Related Discussions:- Own price elasticity of demand, Assignment Help, Ask Question on Own price elasticity of demand, Get Answer, Expert's Help, Own price elasticity of demand Discussions

Write discussion on Own price elasticity of demand
Your posts are moderated
Related Questions
Q. Explain about Phillips curve ? The Phillips curveĀ  According to traditional Phillips curve, there is a negative and stable relationship between unemployment andwage in

Cd players are produced on an automated assembly line process. The standard cost of CD players is 150.00 per unit. The sales price is $300.00 per unit. To achieve a 10 percent mult

Explain the Gains from Trade of market. Producer Surplus, Consumer Surplus, Gains through Trade and Efficiency of Markets: Consumers and producers both are better off since

Consider the following simple economy which consists of two industries, guns (1) and butter (2) and is characterized by the following input-output matrix. Suppose also that

i have an assignment i need it to be done by thursday march the 10th before midnight


The AS curve Say that nominal wage in year 1 (at a particular point in time) is equal to 1000. On the horizontal part of response curve, real wage is constant and equal to its

From Tables 3A to 3F in the Appendix the results from VAR/Block Exogeneity Granger Causality Test are that the oil price variable does Granger cause both Inflation and interest rat

Illustrate about the Effective exchange rate Assume that we are interested in external competitiveness of a country, say Japan. To do this we could look at evolution of a speci

When a hurricane or flood or a pandemic strikes a country, who is most likely to respond first?