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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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