3. The market demand for good A has been estimated as Q = 20003P 0.05M 2.5P +6P aabc Pa is the price of good A, M is disposable income, Pb is the price of good B, and Pc is the price of good C. Suppose that Pa =2, M =18,000,Pb =4, and Pc =4. a. With respect to changes in disposable income, what kind of good is good A? b. Explain how goods A and B are related. c. Explain how goods A and C are related. d. Explain how goods B and C are related. e. Estimate the market demand for good A. f. Derive the market demand function for good A. g. Derive the inverse market demand function for good A. 4. The demand for good X in a local market is best estimated as Qd = 2300 0.50P + 0.10M + 0.25P 8P + 0.001Pop xxyz Research shows that the prices of related goods are given by Py =5,800 and Pz =100, the average income of individuals in this local market product is M = 50, 000 , and the population size (pop) is about a million in this market. a. Indicate how goods Y and Z are related to good X. b. Explain if good X is an inferior or a normal good. c. Determine how many units of good X will be purchased when Px = 5, 000 . d. Determine the demand function and inverse demand function for good X