Find the below information for product X and related product Y:

Quantity of S traded	Price of X	Income of Consumers	Price of Y
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, by determining the price elasticity of demand for X, income elasticity of demand for X, and the cross-price elasticity of demand between X and Y using mid-point method. Also, explain why it has to be determined that way.