After you graduate from university, you find a job in a company that produces good X....

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Economics

After you graduate from university, you find a job in a companythat produces good X. You are working in a competitive market. Yourboss asks you to compute the price elasticity of demand, incomeelasticity of demand, cross-price elasticity of demand, and theprice elasticity of supply. The question is: how your boss willbenefit from computing each of these elasticities. Explain indetail with an example for each case.
I need the answer minimum 500 words.

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Answer price elasticity of demand change in amount requested change in price Imcome elasticity of demand change in amount requested change in salary Cross price elasticity of demand change in amount requested of good change in the cost of good Y Price elasticity of supply change in amount supply See Answer

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