2. Elasticity Consider the following demand equation for good a. Good a demands is income (Y) and prices of good b and c. QD(p, Y, Pb, Pc) = 15- 2pa + 8Y - 1p. + 3pc. Pa = 2 Y=200 P = 4 P. = 3 a. Calculate elasticity of demand. Does it respect law of demand? is it elastic Why? b. Calculate elasticity of income. Is it inferior or nomal good? Why? c. Calculate cross-price elasticities with good b. Is good b a complement o Why? d. Calculate cross-price elasticities with good c. Is good c a complement of Why