Question: Suppose income across the population increases by 15%, causing a resulting * change in the demand function for Product X. The demand function for

Suppose income across the population increases by 15%, causing a resulting * change in the demand function for Product X. The demand function for Product X changes to: Px = 180-2Qx - Qy Assuming there are no changes in supply, calculate the income elasticity of demand for Product X. (5 marks)

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