Find the below information for product X and related product Y: Quantity of S traded Price of
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Find the below information for product X and related product Y:
Quantity of S traded | Price of X | Income of Consumers | Price of Y |
| 12,000 | $1.00 | $10,000 | $1.00 |
| 16,000 | $0.80 | $9,000 | $1.20 |
Classify X in terms of its price and income elasticities of demand and establish the relationship between product X and product Y, by determining the price elasticity of demand for X, income elasticity of demand for X, and the cross-price elasticity of demand between X and Y using mid-point method. Also, explain why it has to be determined that way.
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