Qd=60-40P+2I-30Py where: Qd is the quantity demanded of Good X P is the price of Good X I is income Pb is the price of Good Y Assume that the price of Good Y is $6 and income is $700. a. Compute the price elasticity of demand for Good X when the price of Good X is $12. b. Suppose the price of Good X is $12.  Using calculus, compute the cross-

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