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You have the following information on the price elasticities of the demands for goods Y and X: Goods Price elasticity Cross-price elasticity Income elasticity Y
You have the following information on the price elasticities of the demands for goods Y and X: Goods Price elasticity Cross-price elasticity Income elasticity Y -1.2 0.8 0.8 X -0.5 0.9 1.2 Fill out the spaces in the following statements: Based on the price elasticity, we can say that good Y is price ____________ Based on the cross-price elasticity, we can say that goods X and Y are __________ Based on the income elasticity, we can say that good X is ____________
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