3. Scenario 5-7 get -15- [1.15.117Ir - USP ' where Suppose the demand lnction for good X is given by: Q\" p P is the quantity demanded of good X, * is the price of good X, and y is the price of good Y, which is related to good X. a) Refer to Scenario 5-7. Using the midpoint method, if the price of good Y is $10 and the price of good X decreases 'om $5 to $3, what is the price elasticity of demand for good X? Is the demand elastic, unitary elastic, or inelastic? b) Refer to Scenario 5-7. Good X and Good Y are related as e) Refer to Scenario 5-7. Using the midpoint method, if the price of good X is $10 and the price of good Y increases from $8 to $10, the cross price elasticity of demand is about