Find the below information for product X and related product Y: Quantity of X traded Price of X Income of Consumers Price of Y 12,000 $1.00 $10,000 $1.00 16,000 $0.80 $9,000 $1.20 Explain how does knowledge on the price elasticity of demand, the income elasticity of demand and the cross-price elasticity of demand helps a firm in making business decisions? Use the table to provide suitable examples.

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