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The demand for company X's product is given by Qx = 12 - 5Px + 4Py....

The demand for company X's product is given by Qx = 12 - 5Px + 4Py. Suppose good X sells for $3.00 per unit and good Y sells for $1.50 per unit. a. Calculate the cross-price elasticity of demand between goods X and Y at the given prices. b. Are goods X and Y substitutes or complements? c. What is the own price elasticity of demand at these prices?

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