Using the following equation for the demand for a good or service, calculate the price elasticity ofdemand
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Using the following equation for the demand for a good or service, calculate the price elasticity of demand (using the point form), cross-price elasticity with good x, and income elasticity.
Q = 8 - 2P + 0.10I + Px
Q is quantity demanded, P is the product price, and Px is the price of a related good, and I is income.
Assume that P = $10, I = 100, and Px = 20.
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