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Suppose the estimated demand function is given by Qd = 250000 - 500P - .5I -...

Suppose the estimated demand function is given by Qd = 250000 - 500P - .5I - 240Pr.

A) Calculate the price elasticity, income elasticity and cross elasticity of demand if P = 200, I = 60,000 and Pr = 100

B) Interpret your results.

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