Price of elasticity of demand :0.5 Income elasticity of demand :0.2 Cross -price elasticity of demand : -0.3

Given PED = 0.5. Since $0 < \text{PED} < 1$ (or $|\text{PED}| < 1$), the demand for the good is inelastic. This means that a change in price leads to a proportionally smaller change in the quantity demanded.

Given YED = 0.2. Since $0 < \text{YED} < 1$, the good is a normal good and specifically a necessity. This means that as income increases, the demand for the good increases, but at a slower rate than the increase in income.

Given XED = $-0.3$. Since $\text{XED} < 0$, the good is a complement to the other good. This means that an increase in the price of the other good would lead to a decrease in the demand for this good.

Based on the given elasticities:

• Price Elasticity of Demand (0.5): The good has inelastic demand.
• Income Elasticity of Demand (0.2): The good is a normal good and a necessity.
• Cross-Price Elasticity of Demand ($-0.3$): The good is a complement to the other good.