4. (10 points) (a) The demand for good X has been estimated by Q X\" = 12 - 3Px + 4P}, Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity. Please show your calculations. (b) The own price elasticity of demand for apples is l .2. If the price of apples falls by 5 percent, what will happen to the percent change in quantity of apples demanded? Please Show your calculations and give an explanation. (0) Suppose the own price elasticity of demand for good X is -0.5, and the price of good X increases by 10 percent. What would you expect to happen to the total expenditures on good X (increase, decrease or unchanged)? Please give an explanation. 5. (5 points) Your rm's research department has estimated the income elasticity of demand for Art Deco lawn fumiture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will this event affect your ordering decision for ordering PVC pipe (will you order more or less PVC pipes), which is the main component in your furniture? Please give an explanation