The price elasticity of demand for good X is -2, its income elasticity is 1/2, and the cross price elasticity of demand between X and good Y is 2. What can you say about good X with this information? Determine how much the consumption of good X would change if the price of good X decreases by 5%.
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The price elasticity of demand for good X is -2, its income elasticity is 1/2, and the cross price e...
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