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4. What do we mean by each of the following:- Own price elasticity of demand; Cross price elasticity of demand; Income elasticity of demand?

4. What do we mean by each of the following:- Own price elasticity of demand; Cross price elasticity of demand; Income elasticity of demand? Interpret each of the following statements:- (a) Own price elasticity of demand for LCD TV is 2.9. (b) Own price elasticity of demand for bread is 0.6. (c) Cross price elasticity of demand between milk and juice is 0.4. (d) Cross price elasticity of demand between milk and bread is -0.7. (e) Income elasticity of demand for LCD TV is 2.9. (f) Income elasticity of demand for cigarettes is 0.5. (g) Income elasticity of demand for thrifty store clothes is -0.8.

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