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Solve the system of equations using substitution.
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Income Elasticity
A measure of how the demand for a good or service changes in relation to a change in income.
Good
A tangible product that satisfies human wants or needs.
Service
An (intangible) act or use for which a consumer, firm, or government is willing to pay.
Cross Elasticity
A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating the relationship between goods as substitutes or complements.
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