Question: Suppose the demand function is given by = 80.5 0.250.12 , where is the price of X, is the price of good Y, M is

Suppose the demand function is given by = 80.5 0.250.12 , where is the price of X, is the price of good Y, M is income, and is the amount of advertising on X. a) What is the own price elasticity of demand? b) What is the income elasticity of demand? c) What is the cross-price elasticity of demand between X and Y? d) Is good X a normal or inferior good? Explain

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