7. You have the following information about good X and good Y: Income elasticity of demand for...
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7. You have the following information about good X and good Y:
Income elasticity of demand for good X: –3 Cross-price elasticity of demand for good X with respect to the price of good Y: 2 Would an increase in income and a decrease in the price of good Y unambiguously decrease the demand for good X? Why or why not? P=-5
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