Would the increase in income and decrease in price of good

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Reference no: EM13393067

You have the following information about good X and Y:

Income Elasticity of demand for good X is -3

Cross - price elasticity of demand for good X with respect to the price of good Y is 2

a. What type of good is X?

b. 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?

Reference no: EM13393067

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