You have the following information about good X and good Y: Income elasticity of demand for
Question:
• Income elasticity of demand for good X: –3
• Cross-price elasticity of demand for good X with respect to the price of good Y: 2
Would an increase in income and a decrease in the price of good Y unambiguously decrease the demand for good X? Why or why not?
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Yes an increase in income would decrease the demand for good X be...View the full answer
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