You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is 1.5, and the cross-price elasticity of demand between product Y and X is 1.8 Going beyond a simple definition, explain what is meant by own price elasticity of demand. Going beyond a simple definition, explain what is meant by cross-price elasticity of demand. Explain why it is important for a business manager or owner to understand the two forms of elasticity. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent? Show your math