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1.Define cross price elasticity of demand, give the equation, and explain how it is used to determine if goods are substitute or complementary products. 2.Define
1.Define cross price elasticity of demand, give the equation, and explain how it is used to determine if goods are substitute or complementary products.
2.Define and give the equation for income elasticity, then explain how to determine whether a good is normal or inferior using income elasticity.
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