1. The demand function for Good X is defined as Qx = 75 - 2Px - 1.5Py where Py is the price of Good Y. Calculate the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.I already asked this question, and it was answered, mostly correctly I believe, but I need better explanation. The english in the first response was hard to understand with regards to whether Good Y is a substitute and the explanation in general for the problem was a little hard to understand. Thank you!

Question

1. The demand function for Good X is defined as Qx = 75 - 2Px - 1.5Py where Py is the price of Good Y. Calculate the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
I already asked this question, and it was answered, mostly correctly I believe, but I need better explanation. The english in the first response was hard to understand with regards to whether Good Y is a substitute and the explanation in general for the problem was a little hard to understand. Thank you!

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