53. If a 3% increase in income leads to a 1% increase in the quantity purchased,...

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53. If a 3% increase in income leads to a 1% increase in the quantity purchased, what is the income elasticity of demand ? Is the good an inferior good (Yes/ No) The price of good Y decreases by 15% and the quantity sold of good X increases by 4%. What is the cross-price elasticity of demand for good X with respect to good Y ? How are good X and good Y related (Substitutes/ Complements) The demand equation is Qn = 15-P. What is the price elasticity of demand at P = $6? 53. If a 3% increase in income leads to a 1% increase in the quantity purchased, what is the income elasticity of demand ? Is the good an inferior good (Yes/ No) The price of good Y decreases by 15% and the quantity sold of good X increases by 4%. What is the cross-price elasticity of demand for good X with respect to good Y ? How are good X and good Y related (Substitutes/ Complements) The demand equation is Qn = 15-P. What is the price elasticity of demand at P = $6?