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Using the following equation for the demand for a good or

Q = 8-2P+0.10I+Px

Where Q is quantity demanded, P is the price of the product, I is income, and Px is the price of a related good.

Assume that P=$10, I=100, and Px=20.

Using the following equation for the demand for a good or service,

a) Calculate the price elasticity of demand

b) Calculate the income elasticity of demand

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