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Suppose Q x d = 10,000 2 P x + 3 P y 4.5M, where P x = $100, P y = $50, and M

Suppose Q _x^d = 10,000 2 P_x + 3 P_y 4.5M,

where P_x = $100, P_y = $50, and M (income) = $2,000.

(a) What is the own price elasticity of demand? Please show your calculations.

(b) What is the cross price elasticity between good X and good Y? Please show your

calculations.

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