Suppose the income elasticity of demand for ProductZ is -0.8 and the cross price elasticity of demand of Product Z with respect to price of Product M is 2.0.      Alex owns a factory producing Product Z.   a) State and explain the type of good Product Z is.     b) Assuming price of Product Z remains unchanged, state and explain using relevant calculations, specifically how the total quantity demanded of Product Z will be affected when the income of the population decreases by 10%, and the price of Product M increases by 15%.

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Q: income elasticity of demand

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