Examlex
Use the echelon method to solve the system of two equations in two unknowns.
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Good Y
Typically, a variable used in economic models to represent a generic good or service in the market.
Income Elasticity
A measure of how much the demand for a good or service changes in response to changes in consumer income.
Inferior Good
is a type of good whose demand decreases when the income of consumers increases, contrary to what is observed with normal goods.
Cross-price Elasticity
A measure of how the demand for one good responds to a change in the price of another good, indicating their substitutability or complementarity.
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