13. A shop The demand equation for a good is given by the equation: Q = 700 - 2P+0.02Y (Where P is the price and Y is the income). Determine the following: a. Price elasticity of demand when P= $25 and Y =$500. b. Income elasticity of demand when P= $25 and Y =$500. c. Interpret the results obtained in (a) & (b) above. 14. The average cost and average revenue functions for a particular brand of mobile phone are given by the equation. AC =154 8000 O and AR = 25 a. Write down the equations for the TR, TC, MR, MC. b. How many mobile phones must be made and sold to break even? c. Write down the equation of the profit function