What is price elasticity of demand? How do you calculate it? What are the factors that affect the price elasticity of demand? What is price elasticity of supply? How do you calculate it? What are the factors that affect the price elasticity of supply? What is income elasticity of demand? How do you calculate it? If income elasticity of demand is positive, then the good is______. If it is negative, the good is ______________. What is cross price elasticity of demand? If cross elasticity between two goods is positive, what can you say about the two goods? What if it is negative?

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