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4. (20 points) Caleb consumes two goods, denoted by x and y. He has m dollars to spend on the two goods, which are priced at px and py , respectively. His demand for good 3; looks as follows: x\" = (1] []. 5 19;: a) Derive the own-price elasticity of demand. Is Caleb's demand for x elastic, inelastic, or unit-elastic? Why? b) Derive the income elasticity of demand. Is 1: a normal or an inferior good for Caleb? Why? If it is normal, is it a luxury or a necessity? Why