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Discuss and evaluate the three concepts: price elasticity of demand, income elasticity of demand and cross-price elasticity of demand (also show how they are computed).

Discuss and evaluate the three concepts: "price elasticity of demand", "income elasticity of demand" and "cross-price elasticity of demand" (also show how they are computed). Clearly explain the importance of these three concepts to firm manager's pricing and output decisions. Give real life examples to support your discussion whenever appropriate.

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