3)

A)Definethe terms "income elasticity of demand" and "cross-price elasticity of demand."

Hint: See the section of Chapter 4 called How Do Changes in Income and the Prices of Other Goods Affect Elasticity.

b) Discussa real-world example of a "normal good" that you use and how your demandfor this product/servicevaries with your income. Also provide a real-world example of aproduct or service that has anegative cross-price elasticity of demand witha product or service produced byyour workplace.

PROVIDE 2 ACADEMIC REFERENCES. APA7 FORMAT