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You are given the following information: Year Q of X sold Price of X Income Price of Y 2022 3,000 $80 $60,000 $4 2021 2,900

You are given the following information:

Year Q of X sold Price of X Income Price of Y

2022 3,000 $80 $60,000 $4

2021 2,900 100 60,000 4

2020 2,800 100 55,000 4

2019 2,700 100 55,000 5

Calculate the price elasticity of demand for X.

Calculate the income elasticity of demand for X.

Based on your answers to sections (a) and (b), is X a necessity or a luxury?

Calculate the cross elasticity of demand for X with respect to the price of Y.

Are X and Y complements or substitutes? Why?

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