Consider the following information for a product X and a related product Y: Quanti of X traded 12,000 $1.00 $10,000 $1.00 16,000 $0.80 $9,000 $1.20 Classify X in terms of its price and income elasticities of demand and establish the relationship between product X and product Y. How does knowledge on the price elasticity of demand, the income elasticity of demand and the cross-price elasticity of demand helps a rm in making business decisions. Explain with suitable examples