3. Compute and discuss elasticities for the following cases: A. When consumer income increases by 7%, the demand for Orangejuice increases by 3%. What is the income elasticity for OrangeJuice? What type of good is orange juice an inferior good or a normal good? When the price of printers increases by 8%, the demand for printer ink decreases by 10%. What is the cross price elasticity? How are the two goods related are they substitutes or complements? Explain why. When the price of Crest toothpaste increases by 4%, the quantity of Colgate toothpaste purchased increases by 6%. What is the cross price elasticity? How are the two goods related are they substitutes or complements? Explain why