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Q1(a) Consider the following information for a product X and a related product Y: Quanti of X traded 12,000 16,000 Price of X $1.00 $0.80

Q1(a) Consider the following information for a product X and a related product Y:

Quanti of X traded 12,000 16,000 Price of X $1.00 $0.80 Income of Consumers $10,000 $9,000 Price of Y $1.00 $1.20

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