Table: Elasticities of Good X Refer to the Table

Essay

Table: Elasticities of Good X $$\begin{array} { l l } \hline & \text { Good X } \\\hline \text { Price elasticity of demand } & 2.5 \\\text { Income elasticity of demand } & 0.5 \\\text { Cross-price elasticity of demand with Good Y } & 1.5 \\\text { Price elasticity of supply } & 1\end{array}$$
Refer to the table. From the information in the table, what can you say about good X? In particular, is the demand for Good X rather elastic or inelastic? What does this imply about the number of substitutes that exist for Good X? Does Good Y appear to be a substitute for Good X? Does Good X appear to be a normal or inferior good? Finally, is the elasticity of supply for Good X relatively elastic or inelastic?